CONSTRUCTION HITS 10-YEAR HIGH.Byline: Gregory J. Wilcox Real Deals Southern California's construction industry looks like a billion bucks. And this is making the Seeley Co., a big Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. commercial real estate firm, look like a pretty good fortuneteller. Late in December - the last day of the month, actually - Seeley forecast the start of a building boom that would add the equivalent of Orange County to the region during the next decade. Early indications point to exactly that happening as California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). is on course for its biggest construction year since 1989. Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, is right at the forefront, too, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Burbank-based Construction Industry Research Board. For the first nine months of this year, California's construction activity totals $37.9 billion, up 12.8 percent from 1998. The state is on course to record $48.1 billion in new projects, which would be the most since $57 billion worth of work in 1989, the board said. Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern accounts for a big chunk of the public works public works pl.n. Construction projects, such as highways or dams, financed by public funds and constructed by a government for the benefit or use of the general public. Noun 1. projects - big-ticket items big-ticket item Managed care A popular term for an expensive therapeutic or diagnostic procedure like earthquake improvements to bridges - while Southern California is experiencing a surge in commercial, industrial and residential building, said Ben Bartolotto, the board's executive director. So far this year, total building construction across seven Southern California counties pencils out at $6.313 billion, up 12.5 percent from 1998. In Los Angeles County, new projects are valued at $2.617 billion, up 7 percent on an annual basis. Naturally, this is good news for construction industry workers. During September the sector averaged 667,500 jobs, an annual increase of 8.7 percent. These numbers add up to more good news for all sectors. ``Overall construction activity is a mirror of the general economy. This analysis reflects the current trends in economic growth in California,'' Bartolotto said. He forecasts total building construction, both residential and commercial, to increase 9.4 percent to $40.4 billion. Already it is at $31.6 billion. New commercial building is expected to reach $15.4 billion this year and climb to $15.7 billion next year. Both totals are the highest since 1989's total of $16.6 billion. BROKER BUZZ Robert C. Plott, who helped Hyatt Hotels Corp. expand its national portfolio of properties, is the new president and chief executive officer of Los Angeles-based Seeley Co. He's only the fifth president at the 91-year-old company. Plott was formerly senior vice president of business development at Glendale-based Airport Group International Inc. He was also vice president of sales at Hyatt. At Seeley, Plott will oversee 11 offices and 140 employees in the five-county Los Angeles region. The Fillmore Piru Citrus Association has sold three buildings on a 216,057-square-foot parcel at 455 N. A St. in Fillmore for $1.1 million. The city of Fillmore bought the buildings. The association will eventually relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. to a new location. Stuart Scott Stuart O. Scott (born July 19, 1965) is an American sportscaster for ESPN, most visibly as an anchor on SportsCenter. Scott was born in Chicago, Illinois. He attended Richard J. of Daum Commercial Real Estate Services represented the Citrus Association. Calabasas-based Countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. Home Loans Inc. says that it is now the nation's top lender to low-income families. And for the third consecutive year the company was the No. 1 lender to Latino families. Countrywide said the rankings were compiled from just released Home Mortgage Disclosure Act data. Alpert's Bedroom City has moved into the former Krause's Sofa Factory site at 2810 Camino Dos Rios in Newbury Park. It's part of a retail center that includes a Denny's restaurant and a Motel 6. Joe Lopez of Westcord Commercial Real Estate Services Van Nuys office represented Alpert's. Tony Principe of Westcord's Westlake Village office represented the building's owner, Ennis Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. . Terms were not disclosed. |
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