Turner began a $900 million expansion at Geisinger Wyoming Valley Medical Center, adding a patient tower and increasing beds and operating rooms. Georgia’s $4.6 billion SR 400 Express Lanes project will begin in April, adding tolled lanes to manage traffic congestion. Construction input prices surged 12.6% annually due to higher energy prices, potentially impacting profit margins and project decisions.
AECOM secured a $1 billion contract for Seattle’s transit expansion, while Penzance announced a $4 billion data center investment in West Virginia. Contractors are optimistic about data center construction and a potential highway bill, but some warn against overhyping AI. The Federal Reserve held interest rates steady amid economic uncertainty, citing concerns about inflation and the Iran conflict.
The Tampa Bay Rays unveiled a $2.3 billion stadium plan in Tampa, Florida, as part of a mixed-use development. AECOM secured a $1 billion contract for Seattle’s regional transit expansion, while Penzance announced a $4 billion data center investment in West Virginia. Chicago Fire FC broke ground on a $750 million stadium, and Balfour Beatty plans to expand its U.S. data center presence.
Jacobs will lead the engineering design for The Gate, a coastal storm surge barrier system in Texas. Turner Construction will begin construction on the final commercial tower at the World Trade Center this spring. Nonresidential construction spending fell 0.6% in December, driven by a decline in manufacturing construction.
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The Arizona Department of Transportation awarded a $410 million contract to upgrade the I-10 Wild Horse Pass Corridor. The Supreme Court struck down most of Trump’s tariffs, potentially reducing material prices for contractors. The global hotel construction pipeline reached a record high, driven by higher-tier segments and conversions.
The Gateway Project secured $30 million in federal funding but remains paused for planning. Fatal overdose and suicide rates among construction workers decreased in 2024 due to various factors. A shift towards outpatient medical buildings is expected to increase outpatient volumes in the U.S.
Construction backlog decreased to 8 months in January, the lowest in four years, according to an Associated Builders and Contractors survey. Skanska remains optimistic about the U.S. construction market, particularly in data centers and civil construction. Despite overall market fragmentation, data center projects continue to lead nonresidential construction.
