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Lower material costs cause construction boom

Thursday, February 12, 2009

The drop in the price of material means many construction projects cost less than they did a year ago
The drop in the price of material means many construction projects cost less than they did a year ago

It seems that there may be some bright sides to the recent economic downturn as some construction companies say they have been able to finish projects below forecasted prices because of the drop in material costs.

According to Orlando NBC affiliate WESH, the drop in construction costs has led to a building boom and an increase in construction equipment in central Florida.

Since last November, the Florida city of Altamonte Springs has spent $110,000 on 1.5 miles of sidewalk - a project that the news provider says would have cost almost double a year ago. The contractor charged the city $3.70 a square foot for the project, a project that would have cost $6 in 2008.

"So it's a benefit to us, and obviously to the community, stretching our dollar," deputy director of Altamonte Springs public works Shannon White told WESH. "It's a win-win situation for everybody."

An outlook from the American Institute of Architects in January predicted that a drop in construction projects would mean a decreased demand in building material which would cause a drop in prices over the next 12 months.ADNFCR-2034-ID-19023922-ADNFCR

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