Â
Through the 2012 Owner Study, consultant FMI and the Construction Users Roundtable set out to understand how large capital program owners are coping with the current environment, as well as what challenges they believe the future environment holds and how prepared they feel to face these challenges. In general, survey and interview questions fell into these broad areas:
-
Identification of future issues impacting capital programs and the degree of preparedness toward addressing those issues.?
-
Level of staffing changes during the past four years and anticipated staffing trends going forward.
- Degree of project disruptions affecting capital programs resulting from delays, cancellations and funding challenges.
- Continued evolution of project delivery systems and procurement methods.
Based on survey responses, it is clear that many capital program owners have already begun the process of identifying future challenges and mitigating the impact of those issues on their capital programs. Other owners, however, anticipate many of these challenges to have a significant effect on their capital programs and are not confident in their responses to date. The ability of these owners to maintain the objectives of their capital programs in the face of these challenges will depend on the actions they take to identify and address these issues. How capital program owners respond to both the current and future environment will significantly influence their ability to plan, design, procure and manage capital projects effectively. As their ability to engage in these activities changes, so too will the expectations of owners for their planning, design and construction partners.
Survey responses reflect the fact that economic recovery has yet to begin for many, especially in the engineering and construction industry. At its peak in 2006, the construction industry represented more than $1 trillion of economic activity, roughly 9% of nominal GDP. The industry has contracted every year since then. The burst of the housing bubble, the credit crisis and the ensuing recession reduced the industry to roughly 70% of its 2006 size in 2012, and to only 5% of nominal GDP. The dark cloud, however, is clearing. according to FMI forecasts, construction put-in-place voluimes in 2012 are expected to end the year 5% higher than in 2011.
For a free download:Â http://www.fminet.com/fmi-curt-survey-of-owners-2012.html
Related Stories
Office Buildings | Mar 21, 2024
Corporate carbon reduction pledges will have big impact on office market
Corporate carbon reduction commitments will have a significant impact on office leasing over the next few years. Businesses that have pledged to reduce their organization’s impact on climate change must ensure their next lease allows them to show material progress on their goals, according to a report by JLL.
Adaptive Reuse | Mar 21, 2024
Massachusetts launches program to spur office-to-residential conversions statewide
Massachusetts Gov. Maura Healey recently launched a program to help cities across the state identify underused office buildings that are best suited for residential conversions.
Legislation | Mar 21, 2024
Bill would mandate solar panels on public buildings in New York City
A recently introduced bill in the New York City Council would mandate solar panel installations on the roofs of all city-owned buildings. The legislation would require 100 MW of solar photovoltaic systems be installed on public buildings by the end of 2025.
Office Buildings | Mar 21, 2024
BOMA updates floor measurement standard for office buildings
The Building Owners and Managers Association (BOMA) International has released its latest floor measurement standard for office buildings, BOMA 2024 for Office Buildings – ANSI/BOMA Z65.1-2024.
Plumbing | Mar 18, 2024
EPA to revise criteria for WaterSense faucets and faucet accessories
The U.S. Environmental Protection Agency (EPA) plans to revise its criteria for faucets and faucet accessories to earn the WaterSense label. The specification launched in 2007; since then, most faucets now sold in the U.S. meet or exceed the current WaterSense maximum flow rate of 1.5 gallons per minute (gpm).Â
MFPRO+ New Projects | Mar 18, 2024
Luxury apartments in New York restore and renovate a century-old residential building
COOKFOX Architects has completed a luxury apartment building at 378 West End Avenue in New York City. The project restored and renovated the original residence built in 1915, while extending a new structure east on West 78th Street.Â
Construction Costs | Mar 15, 2024
Retail center construction costs for 2024
Data from Gordian shows the most recent costs per square foot for restaurants, social clubs, one-story department stores, retail stores and movie theaters in select cities.
Healthcare Facilities | Mar 15, 2024
First comprehensive cancer hospital in Dubai to host specialized multidisciplinary care
Stantec was selected to lead the design team for the Hamdan Bin Rashid Cancer Hospital, Dubai’s first integrated, comprehensive cancer hospital. Named in honor of the late Sheikh Hamdan Bin Rashid Al Maktoum, the hospital is scheduled to open to patients in 2026.
Codes and Standards | Mar 15, 2024
Technical brief addresses the impact of construction-generated moisture on commercial roofing systems
A new technical brief from SPRI, the trade association representing the manufacturers of single-ply roofing systems and related component materials, addresses construction-generated moisture and its impact on commercial roofing systems.
Sports and Recreational Facilities | Mar 14, 2024
First-of-its-kind sports and rehabilitation clinic combines training gym and healing spa
Parker Performance Institute in Frisco, Texas, is billed as a first-of-its-kind sports and rehabilitation clinic where students, specialized clinicians, and chiropractic professionals apply neuroscience to physical rehabilitation.Â