Construction Costs Declining

State officials have been enjoying a decrease in costs for road and bridge projects due to the economy. The decline in costs is a stark contrast to the cost escalations in recent years.

According to the American Association of State Highway and Transportation Officials (AASHTO), costs are down 15 to 30%. A recent AASHTO survey reported that 16 of 21 states surveyed reported they received bids that were lower than anticipated for stimulus projects. An article in the Wall Street Journal, cited lower commodity prices and a rise of unemployment as key factors in the drop in prices.

John Porcari, Secretary of the Maryland DOT Chosen to Become Deputy Secretary of the U.S. DOT

John Porcari, Secretary of the Maryland Department of Transportation, is President Barack Obama's choice to become the next Deputy Secretary of the U.S. Department of Transportation.
"John Porcari brings tremendous talent and experience to this extremely important and influential Administration position," said AASHTO Executive Director John Horsley
"Under Secretary Porcari's leadership, the Maryland DOT has led the way in community sensitive design and smart growth strategies that have improved the quality of life for Marylanders। He was also instrumental in the development of the new Woodrow Wilson Bridge, a $2।4 billion megaproject which was not only delivered on time and on budget; it broke new ground in environmental, contracting, and management innovation. We commend President Obama for this outstanding nomination and look forward to working with Mr. Porcari, once he is confirmed."In his current position, Mr. Porcari is responsible for motor vehicle registration and the highway, transit, aviation, and maritime modes of the state's transportation system. Mr. Porcari also serves as chairman of the entity responsible for operating the state's bridge and tunnel facilities. He's in his second tour as Secretary, having previously served in this capacity from 1999 to 2002.
Source: AASHTO Press Release

CSU-Chico Announces Patron’s Gift

The Patrons of the Concrete Industry Management (CIM) program at California State University (CSU), Chico presented $159,500 to the University on March 18।

CIM is a business intensive program that awards students with a four-year Bachelor of Science degree in Concrete Industry Management. University President Paul Zingg, along with officers from the Chico State Patrons organization and the CIM faculty, were in attendance.

During the past three years, the CSU Chico Patrons, along with the CIM National Steering Committee, have presented checks in excess of $1,137,000 to the University. These funds directly support the CIM program at CSU in addition to providing scholarships for students participating in the program.

Doug Guerrero, retired CEMEX Vice President and Chairman of the Chico State CIM Program, says that the program is doing extremely well and is performing at the growth rate planned when it was established in 2006. “After being in place for three years, we have more than 60 declared CIM students and will graduate our first 9 Concrete Industry Management majors this May. The success to date is due to the dedication of the active Patrons in providing the donations to fund the startup of the program,” he said.

According to Guerrero, the Chico State CIM Patrons have also provided additional funds for industry scholarships to all qualified students, funds for students and faculty to travel to Concrete Industry meetings, trade shows and conventions. “We have also gifted significant dollars for the Concrete Lab Improvement Project. These gifts, along with additional donations of equipment and materials, and generous donation of time to guest lecture, has resulted in the growth and success of the CIM Program at Chico State. This truly is a partnership between the concrete industry and the University,” he said.

Reed Business Announces Closing of 13 Construction Pubs

The economy claimed 13 of 14 of Reed Business’s construction publications. Reed announced on Tuesday that it was ceasing publication of the regional construction titles published under Associated Construction Publications.

Reed will continue to publish Construction Equipment and Minnesota Construction Bulletin, as well as several websites.

Advertising in construction trade publications has steadily declined over the last several years. ACP’s regional construction publications and McGraw Hill’s publication have been significantly impacted as more people are seeking their information from the internet and other sources.

Congress Approves Stimulus Package

Congress, last night, approved a $789 billion economic stimulus package to help provide a jolt to the United States economy. The compromise bill has approximately $150 billion for infrastructure projects, including money for a "Smart grid," sewer, rail and transportation projects.

Critics believe the stimulus package will take too long to get money in the pipeline. Many believe the stimulus is good for the long term, but will not have any significant short term impact. In addition, funding for school projects fell short of expectations.

Final Bill

Precast and Pipe Show to be Held in Houston

The American Concrete Pipe Association and the National Precast Concrete Association have come together this year to sponsor The Precast Show at the George R. Brown Convention Center in Houston on Feb. 20-22, 2009. Thousands of attendees representing the precast and concrete pipe industries nationwide including manufacturers/producers, suppliers, engineers, contractors, technicians and consultants will be on-hand to see the latest in equipment, products and services to better position themselves in a challenging concrete market.

"The Precast Show is an equipment and services trade show designed by precasters and suppliers, and it puts the focus squarely on manufacturing, safety, technical training and the producers who are doing award-winning work in this industry," said Ty E. Gable, president of the National Precast Concrete Association, which is producing the event. "We're launching a new trade show in the midst of a recession, but we've had very good response so far and we expect a successful show."

The show will appeal to a large segment of U.S. construction. Concrete pipe and precast concrete products are a $5 billion industry. "The partnership is a natural fit for both trade associations," said 2008 ACPA Chairman Bill Washabaugh. "We share many of the same suppliers, much of the same production equipment needs and run our plants in similar ways. The opportunities for technical training and networking will benefit both groups greatly."

The ACPA will hold its Annual Production Short Course before the trade show at the Hyatt Regency Houston from Feb. 17-20, a three-day concrete pipe educational conference featuring tours to Houston-area plants including Hanson Pipe and Precast, Rinker Materials' Concrete Pipe Division (CEMEX) and Ivy Steel & Wire.

Technical training provides a major focus of The Precast Show, with three days of courses in eight educational tracks. The Precast Show also includes the industry's biggest awards event, The Salute to Excellence. Both NPCA and ACPA will be presenting awards at the event, which includes an exclusive performance by country music star LeAnn Rimes.

More information on the ACPA Annual Production Short Course can be obtained by contacting the ACPA at (972) 506-7216 or by visiting the website at www.concrete-pipe.org. Information about The Precast Show is available at www.theprecastshow.org or by contacting NPCA's Brenda Ibitz at (317) 582-5109 or bibitz@precast.org.

CIM Raises $300,000 at Fourth Annual Auction

The National Steering Committee for the Concrete Industry Management (CIM) program raised $300,000 at its fourth annual auction, held in conjunction with the World of Concrete on Thursday, Feb. 5. According to Wally Johnson of US Concrete Products, the 2009 CIM Auction Chairman, “The money raised will benefit the CIM National Steering Committee and support the current CIM as well as help fund future program expansion.”Support for the event was provided by the World of Concrete (WOC) Show Management, Hanley Wood Publications, McNeilus Companies, Inc. and Ritchie Bros. Auctioneers.

In addition to the live auction, a silent auction was held this year. Auction items included cement, a skid steer, concrete saws, drills, mixers, vibrators, scaffolding, safety equipment, screeds, fiber transport systems, dust collectors, NDT equipment, decorative concrete tools, water meters, pumps, generators, training sessions, reference books, advertisements, laptop computers, sports memorabilia, sports travel packages, golf school packages and vacation travel packages.

To learn more about the CIM Program, visit http://www.concretedegree.com/

Show Attendance Down

I just returned from a trip to Las Vegas where three construction related shows were being held: the World of Concrete, the Roofing Expo and Surfaces. According to show management, attendance at each show was down significantly. Walking the aisles and talking to exhibitors at the WOC and the Roofing Expo was disheatening. Traffic was minimal and buyers were not buying. Many of the equipment manufacturers and material suppliers I talked have already cut staff, some by as much as 30%. The general sense was that 2009 is going to be a lost year for the construction industry, and there is some hope for 2010.

Kitchen Sink Strategy

According to an article in the Wall Street Journal, state and city officials are seeking to add a variety of projects which includes everything, including the "kitchen sink." The article cites the U. S. Council of Mayors "Wish List" includes 18,750 projects.

"Our approach has been to list everything, because we don't know what the final guidelines will be or what the final dollar amount will be," says Greg MacLean, public-works director in Lincoln, Neb. Among the projects are:

-Neon signs in Las Vegas

-A $4.5 Million Eco Park and Butterfly Garden in Boyton Beach, FL

-A frisbee disc park in Austin, TX

-A $3 million eco-friendly club house at a municiple golf course in Lincoln, NE

-A dog park in Chula Vista, CA

-A "Splash Park" in San Bernadino, CA

U.S. Mayors List of Projects

Spending by State

ACEC-NY Launches Campaign to Promote Engineering as a Career

Launching its first statewide image advertising campaign this month to coincide with the celebration of National Engineers Week, Feb. 15-21, the American Council of Engineering Companies of New York (ACEC New York) is sponsoring a message to promote the engineering profession to government agencies, policy makers, students, parents, academics and the general public. Half-page ads will run in regional and trade publications throughout New York State, with posters and billboards layered on in select markets. Responding to a 2008 report from the National Academy of Engineering (NAE), Changing the Conversation: Messages for Improving Public Understanding of Engineering, ACEC New York’s new “Vision” campaign communicates positive aspects of the engineering profession—creativity, innovation and forward thinking—that have long been ignored or misunderstood by the public.

Developed by Englewood Cliffs, N.J.-based marketing and public relations firm Reichman Frankle Inc., the ad focuses on the inspirational nature of engineering by combining an oversized photo of a young person in a hard hat gazing through binoculars that reflect back images of an idealized built environment and a satellite view of the earth with the headline, “Your Vision Can Change the World.” The copy reinforces the message that engineering requires creativity, imagination, and vision, and provides examples of the kinds of cutting edge projects engineers are involved in, such as green buildings and state-of-the-art bridge design. “The goal of our new ad campaign is to get the general public excited about engineering, to interest young people in the profession and to communicate to policy makers and the public the intrinsic value of the profession to society’s well being,” said Hannah O’Grady, deputy executive director of ACEC New York. “Engineers’ work is essential to meeting the great challenges of our times—global competition, technological literacy and a sustainable planet. Greater understanding of the inventive role of the engineer should rightly enhance the perception of the profession and its essential, and often overlooked, contribution to our quality of life.”

“Consulting Engineering—A Career that Matters” is a new flash movie presentation to raise awareness of the profession among students at the college level. Produced as a CD-ROM, this 8-minute movie features video clips of young engineers describing their work across the various engineering disciplines and incorporates real project photos. The video is available at the ACEC NY website.
Source: ACEC New York -- Consulting-Specifying Engineer, 2/4/2009

Concrete Industry Management to Hold Auction

The 2009 Concrete Industry Management (CIM) Fundraising Auction is scheduled for Thursday, February 5 at World of Concrete® at the Las Vegas Convention Center. The event will feature a silent auction from 11 am – 1 pm, with the live auction following promptly at 1 pm.

The 2009 CIM Auction will benefit the efforts of the CIM National Steering Committee (NSC) in support of the CIM Programs at Middle Tennessee State University, Arizona State University, New Jersey Institute of Technology, California State University – Chico and Texas State University – San Marcos.

BID ONLINE!Can’t make it to the auction? Real-time bidding is available over the internet using the Ritchie Bros. online bidding service, “rbauctionBid-Live.” Visit rbauction.com to register.

America's Infrastructure Fails According to ASCE

ASCE's 2009 Report Card for America's Infrastructure was released today, and the overall rating for the infrastructure was a "D." ASCE typically releases its Annual Report Card in March, but moved the release up to hopefully influence lawmakers who are considering President Obama's $825 Billion economic stimulas package. The ASCE report stated an investment of $2.2 trillion would be required over the next 5 years for infrastructure.

FAILING INFRASTRUCTURE CANNOT SUPPORT A HEALTHY ECONOMY

WASHINGTON, Jan. 28 /PRNewswire-USNewswire/ -- Decades of underfunding and inattention have jeopardized the ability of our nation's infrastructure to support our economy and facilitate our way of life. The American Society of Civil Engineers (ASCE) today released its 2009 Report Card for America's Infrastructure - assigning a cumulative grade of D to the nation's infrastructure and noting a five-year investment need of $2.2 trillion from all levels of government and the private sector. Since ASCE's last assessment in 2005 there has been little change in the condition of the nation's roads, bridges, drinking water systems and other public works, and the cost of improvement has increased by more than half a trillion dollars.
"Crumbling infrastructure has a direct impact on our personal and economic health, and the nation's infrastructure crisis is endangering our future prosperity," said ASCE president D. Wayne Klotz, P.E., F.ASCE. "Our leaders are looking for solutions to the nation's current economic crisis. Not only could investment in these critical foundations have a positive impact, but if done responsibly, it would also provide tangible benefits to the American people, such as reduced traffic congestion, improved air quality, clean and abundant water supplies and protection against natural hazards."

As the nation's infrastructure receives focused attention from the White House, Congress and the public, ASCE's 2009 Report Card for America's Infrastructure provides an assessment of the condition and need for investment of 15 infrastructure categories, including, for the first time, levees. While there has been some improvement since 2005, overall conditions in most categories have remained the same, or slipped even lower. Security, a category that was added to the Report Card in 2005, and which received an incomplete grade, has been removed from the list of assessed categories and added into the methodology used to assess each individual category. Grades included:
-Aviation = D (down from a D+)
-Bridges = C (no change)
-Dams = D (no change)
-Drinking Water = D- (no change)
-Energy = D+ (up from a D)
-Hazardous Waste = D (no change)
-Inland Waterways = D (no change, previous listed a Navigable Waterways)
-Levees = D- (new category)
-Public Parks and Recreation = C- (no change)
-Rail = C- (no change)
-Roads = D- (down from D)
-Schools = D (no change)
-Solid Waste = C+ (no change)
-Transit = D (down from D+)
-Wastewater = D- (no change)
The Report Card also offers five key solutions for raising the nation's infrastructure GPA. These include:
-Increasing federal leadership in infrastructure,
-Promoting sustainability and resilience,
-Developing federal, state and regional infrastructure plans,
-Addressing life-cycle costs and ongoing maintenance and
I-ncreasing and improving infrastructure investment from all stakeholders.
Each category was evaluated on the basis of capacity, condition, funding, future need, operation and maintenance, public safety and resilience. A detailed report, which accompanies the grades released today, will be released on March 25, 2009. For more information, including solutions for solving America's infrastructure problems and ASCE's Principles for Economic Stimulus Investment, visit www.asce.org/reportcard.

ASCE Report Card Grades

ASCE 5 Key Solutions

ASCE Key Contacts Program

ASCE Issues Guidelines For Stimulus Investment

Civil Engineers Present Guidelines for Economic Stimulus Infrastructure Investment
American Society of Civil Engineers’ principles will help ensure that investments aremade wisely and create long-standing benefits

Reston, Va.—The American Society of Civil Engineers (ASCE) has released their recommended ‘Principles for Infrastructure Stimulus Investment’ designed to help guide lawmakers and the Obama administration when allocating economic stimulus funding for infrastructure projects poised to aid in rebuilding the nation’s economy. ASCE is encouraged by last week’s introduction of the American Recovery and Reinvestment Bill of 2009, which highlights a shared focus on accountability and infrastructure investment. This investment is expected to create and sustain jobs, and begin to address the nation’s crumbling infrastructure if appropriately applied to areas that most require federal support.America’s infrastructure is in dire need of proper, sustained attention, as evident by the grade of “D” in ASCE’s 2005 Report Card for America’s Infrastructure. On January 28, ASCE will release its 2009 Report Card, and early indications are that little improvement has been made in the past four years. Infrastructure-related economic stimulus investments can reduce congestion and delays on America’s roadways; enhance public transit systems; reduce blackouts, brownouts and service interruptions; update the nation’s aviation system; and replace leaking water pipes. Careful consideration must be made in the selection of projects—both in stimulus and long-term legislative solutions—to ensure that appropriated funds for infrastructure investment produce desirable results.“The House bill is an encouraging indicator that Congress shares ASCE’s recognition of the need for both infrastructure investment and strict accountability for the use of federal money in this volatile economy,” said D. Wayne Klotz, P.E., F.ASCE, ASCE president.In order to guide the process of allocating funds to these important projects, ASCE has compiled guiding principles which will help steer investment in the right direction by keeping the focus on rehabilitating worn-out infrastructure to increase safety and building new infrastructure to keep the nation competitive in the global economy.

Among these principles, ASCE believes that all projects supported by an economic stimulus investment must meet the following fundamental criteria:
Projects must create and sustain employment increases;
Investments must provide long-term benefits to the public (such as congestion relief);
Long-term maintenance and upkeep needs of all infrastructure projects—existing and new—must be taken into account; and
To ensure accountability and transparency an auditing program must be established to review the program and measure desired outcomes.

As the investments are made, proper attention must be paid to the prioritization and selection of these projects to ensure that the criteria are met. The following principles should guide selection decisions:
The project should deliver measurable improvements in public health, safety and quality of life;
The project should provide substantial, broad-based economic benefit;
The project should be designed and built in a sustainable and cost-effective manner, and proper consideration must be given to life-cycle costs; and
The project should have a significant environmental benefit such as area restoration, improved air quality through reduced congestion or better watershed management through eliminating vulnerabilities in a system.

ASCE has long been an advocate for improving and maintaining the nation’s infrastructure. Following the release of the 2005 Report Card for America’s Infrastructure, ASCE recommended spending $1.6 trillion over five years to bring the condition up to an acceptable level. Since that time federal funding has fallen far below that recommended level.The 2009 ASCE Report Card grades will be released at a press event on January 28, 2009. The event will be held in the Murrow Room of the National Press Club, Washington, D.C., at 10 a.m. A live Webcast of the event will also be available at: http://www.visualwebcaster.com/asceinfrastructurereportcard/.
Founded in 1852, the American Society of Civil Engineers (ASCE) represents more than 146,000 civil engineers worldwide and is America’s oldest national engineering society. For more information, visit www.asce.org.

Stimulus Specifics For Construction

According to an article published today by the Media General News Service, the President's $825 billion stimulus includes spending on three key areas that would help the construction industry: infrastructure, energy, and education.

From the Media General article:
"Infrastructure-- Creates an estimated 1.5 million jobs, about half the jobs the plan proposes. -- Rebuilds roads, bridges and public buildings as well as cleans up the environment.-- States have told Congress they have 5,100 projects – costing $64 billion – that could be under contract within 180 days. States must designate half the highway and transit money for projects within six months or the Department of Transportation can reclaim the funds.-- Sets aside $10 billion to build mass transit and rail -- Upgrades federal buildings and makes them energy efficient, saving taxpayers $2 billion a year.-- Modernizes water systems and strengthens environmental cleanup.

Energy-- Creates more than 500,000 energy-related jobs.-- Includes $500 million to train workers for green-collar jobs.-- Provides $11 billion to improve electricity systems’ efficiency and reliability through a “Smart Grid Investment Program.” -- Creates temporary loan guarantees for up to $80 billion for renewable energy power generation and electric transmission projects.-- Encourages states to update energy-efficient building codes and regulatory policies and provides new modernization repair programs for schools and colleges.-- Provides consumer rebates to buy energy-efficient appliances.-- Expands tax credits through 2010 for purchases such as new furnaces, energy-efficient windows, doors and insulation. -- Expands aid per household for more than 1 million modest-income families who improve energy efficiency in their homes through weatherization.

Education -- Saves or creates an estimated 250,000 jobs in education and health care. -- Provides $20 billion to modernize schools and colleges nationwide. -- Increases tax credits, grants, work-study programs and loans for students. -- Provides Head Start $2.1 billion in additional funding. -- Includes $2 billion in grants for childcare for low-income working families. -- Establishes a fund to prevent education cuts and layoffs in states. "

Other stimulus resources:

Stimulus Uncertainty: How Fast Will The Impact Be?, USA Today

House Set To Vote, Bloomberg

Obama and Congree Meet Video, AP

Caterpiller Projects Slow Sales and Slashes Jobs

Caterpiller reported today that it projects 2009 sales to be $40 billion, down from $51.32 billion in 2008, according to an article in the Wall Street Journal. The company also reported that it was cutting a total of 20,000 jobs in light of the downturn in the global construction economy. To view Caterpiller's conference call report, click here.

Crisis Creates Opportunity For Construction Firms

"When written in Chinese, the word "crisis" is composed of two characters. One represents danger and the other represents opportunity." -John F. Kennedy

The prognosis for the economy in the AEC Industry remains unclear. Uncertainty remains the biggest concern for the construction industry. However, when there's crisis and uncertainty, there's opportunity.

-Government stimulus package legislation is likely to be introduced and passed early in Obama’s administration. Infrastructure, institutional and community projects are likely to benefit the most. States are preparing “Ready To Go” Lists for projects.

-The credit market remains tight, which makes is difficult for companies to access capital for new construction, expansion and development projects.

-Prices for construction materials and commodities have plunges after a rapid rise in prices. As demand has dried-up, prices have fallen.

-Consumers spending is still tepid due to uncertainty, specifically a drop in there personal wealth, plunging housing values, and fear about job loss.

-Talent will become available from solid AEC firms.While there is considerable uncertainty, there are several approaches and strategies AEC firms can take to weather the economic situation and be positioned for opportunities when the economy improves.

Continue Article

Time To Buy Construction Stocks?

Forbes.com's Intelligent Investing Panel recently feature construction and engineering stocks. The article focuses on construction services firms such as Jacobs Engineering, Fluor Corporation, the Shaw Group, URS and AECOM Technology. In the article, author David Serchuk acknowledges these stocks have been battered over the last year, but says these construction sector stocks are up over the last five years. While Serchuck like the long term prospects, he urges caution for the short-term.

Where Will The Stimulus Money Go In Construction?

A recent article in ENR, identified over $159 million in projects included in the proposed economic stimulas package. Read Article ENR reported that over $43 million will be spent on transportation projects, and $36 billion in energy related projects.

A recent press release by the AASHTO, stress that the federal government should strongly consider states that have "Ready to go" projects. "State DOTs right now are moving to advance thousands of projects, so that contracts can be let in 120 days, as the House bill has proposed," said John Horsley, Executive Director of the American Association of State Highway and Transportation Officials (AASHTO). "Those projects will enable the transportation industry to keep people at work, and bring construction workers back on the job very quickly. As late as last Friday we asked the state DOTs if they are prepared to have 50 percent of the $30 billion under contract within 120 days, as the House bill stipulates. They responded, "Yes, we can!" Read Press Release or Watch Video.

A new article by the Associated Press reports that President Obama's $825 million economic stimulus package likely create 670,000 construction jobs by the end of 2010. AP conducted an interview with Moody's Chief Economist Mark Zandi. According to Zandi, proposed stimulus package would would direct $70 million to the nation's infrastructure. Read Article

Existing Home Sales Rise in December

Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors(R).

Existing-home sales -- including single-family, townhomes, condominiums and co-ops -- jumped 6.5 percent to a seasonally adjusted annual rate(1) of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November, but are 3.5 percent below the 4.91 million-unit pace in December 2007.
For all of 2008 there were 4,912,000 existing-home sales, which was 13.1 percent below the 5,652,000 transactions recorded in 2007. This is the lowest volume since 1997 when there were 4,371,000 sales.

Lawrence Yun, NAR chief economist, said home prices continue to fall significantly. "It appears some buyers are taking advantage of much lower home prices," he said. "The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal balanced conditions. Buyers will continue to have an edge over sellers for the foreseeable future."

Total housing inventory at the end of December fell 11.7 percent to 3.68 million existing homes available for sale, which represents a 9.3-month supply(2) at the current sales pace, down from a 11.2-month supply in November.

Yun said the market is underperforming and hurting the broader economy. "We've added 25 million people to our population over the past decade and housing affordability conditions are the best we've seen since 1973, but household formation is much lower than expected," he said.

"Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery."

The national median existing-home price(3) for all housing types was $175,400 in December, which is 15.3 percent below December 2007 when the median was $207,000. There remains a significant downward distortion in the current median from a large number of distress sales at discounted prices, currently 45 percent of transactions; the median is where half of the homes sold for more and half sold for less. For all of 2008, the median price was $198,600, down 9.3 percent from $219,000 in 2007.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said it's an excellent time for first-time home buyers with good jobs. "The typical buyer plans to stay in their home for 10 years, which is the correct approach in today's market," he said. "With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who've been on the fence should take a closer look at today's market."
McMillan added that first-time buyers may want to consider an FHA loan, which offers downpayments of 3.5 percent on a safe 30-year fixed-rate mortgage.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.29 percent in December from 6.09 percent in November; the rate was 6.10 percent in December 2007. Last week, Freddie Mac reported the 30-year rate was 5.12 percent.

Single-family home sales rose 7.0 percent to a seasonally adjusted annual rate of 4.26 million in December from a level of 3.98 million in November, but are 1.4 percent below a 4.32 million-unit pace in December 2007. For all of 2008, single-family sales fell 11.9 percent to 4,349,000.
The median existing single-family home price was $174,700 in December, down 14.8 percent from a year ago. For all of 2008, the single-family median was $197,100, which is 9.5 percent below 2007.

Existing condominium and co-op sales increased 2.1 percent to a seasonally adjusted annual rate of 480,000 units in December from 470,000 in November, but are 18.4 percent below the 588,000-unit level a year ago. For all of 2008, condo sales dropped 21.0 percent to 563,000 units.

The median existing condo price(4) was $181,400 in December, down 18.3 percent from December 2007. For all of 2008, the median condo price was $210,000, which is 7.2 percent below 2007.

Regionally, existing-home sales in the Northeast slipped 1.4 percent to an annual pace of 720,000 in December, and are 14.3 percent below December 2007. The median price in the Northeast was $235,000, which is 7.8 percent lower than a year ago.

Existing-home sales in the Midwest increased 4.0 percent in December to a level of 1.04 million but are 10.3 percent below a year ago. The median price in the Midwest was $140,800, down 11.4 percent from December 2007.

In the South, existing-home sales rose 7.4 percent to an annual pace of 1.74 million in December, but are 11.2 percent lower than December 2007. The median price in the South was $158,600, which is down 8.0 percent from a year ago.

Existing-home sales in the West jumped 13.6 percent to an annual rate of 1.25 million in December and are 31.6 percent higher than a year ago. The median price in the West was $213,100, down 31.5 percent from December 2007.

Virtual Safety Tour Exposes Construction Hazards

Virtual Safety Tour Exposes Common Construction Hazards, Offers Lifesaving Solutions -- Now on ElectricTV.net

BETHESDA, Md., Jan. 26 -- Every year, on-the-job accidents cost U.S. building owners billions of dollars - and cause worker pain, long recuperations and even death. But when construction owners take a more proactive role in exposing hazards, recent studies reveal, job site safety gets a shot in the arm.

Simple steps owners can take to increase safety on construction job sites - and significantly reduce costs - are highlighted in a four-minute report now included in the latest edition of ElectricTV.net. A joint production of the National Electrical Contractors Association (NECA) and the International Brotherhood of Electrical Workers (IBEW), ElectricTV.net is the only web TV program dedicated to reporting the latest developments in the electrical construction and information systems industries.

In this informative program, Jim Dollard, Safety Director of IBEW Local 98, leads viewers through a tour of a high-rise construction project in Philadelphia, pointing out common hazards and offering practical solutions owners can take to make their sites safer. "The number one hazard on a job site is falling," Dollard notes. Yet protecting workers from life-threatening falls is but one of the many precautions explored. Other areas include secure footing, ladder safety and how to tell if electrical boxes are hot or not.

Also on this edition of ElectricTV.net is a segment on how the city of Ann Arbor, Michigan, is cutting their energy costs in half by turning to LED lighting; a feature detailing the many advantages a design/build electrical contractor brings to a construction project; and a spotlight on how NECA/IBEW's unique training programs are preparing the green workers America needs both today and tomorrow.

To view, visit http://electrictv.net/safetywalk.aspx.
ABOUT NECA AND IBEW
Through their joint marketing organization - the National Labor-Management Cooperation Committee (NLMCC) of the organized electrical construction industry - NECA and IBEW together work to:

Reach customers with accurate information about the industry; and
Achieve better internal communication between labor and management.

NECA has provided over a century of service to the $130 billion electrical construction industry that brings power, light and communication technology to buildings and communities across the United States. NECA's national office and 119 local chapters advance the industry through advocacy, education, research and standards development.

With 725,000 members who work in a wide variety of fields - including construction, utilities, telecommunications and manufacturing - IBEW is among the largest member unions in the AFL-CIO. IBEW was founded in 1891.

For more information, visit www.thequalityconnection.org.Website: http://electrictv.net/safetywalk.aspx/Website: http://www.thequalityconnection.org/