Despite stock market doldrums and several high-profile layoff notices, U.S. companies, individuals and governments continue to spend on construction projects.
Figures compiled for March 2001 show $854.4 billion in spending on construction projects committed in that month, up from both the previous month and from year-ago levels.
The construction segment has held up well in late 2000 and early 2001 compared to the other major segments of the economy, including both manufacturing and technology.
Economists point to low interest rates as a boost to both the housing and commercial construction sectors. The March 2001 figures reveal a 3.4% increase in commercial projects undertaken by private companies over the previous month.
New residential project spending was up just 0.3% meanwhile, while home renovation spending increased by 3.4%.
The government sector upped its spending by 1.3% for schools, hospitals and highway projects.
Mazzochi Signs Con-Ed Deal
Mazzocchi Wrecking, East Hanover, N.J., has signed a $20 million contract with Worth Construction for the demolition of several ConEdison structures in New York City. The work is expected to start in March and continue into 2003.
The company plans to send debris generated from the jobs to its new mixed C&D recycling facility. "The timing of this contract could not be better for us. On April 9, 2001, we [opened] American Fuel Harvesters East, a C&D recycling center in Lyndhurst, New Jersey," says Nick Mazzocchi, vice president of Mazzocchi Wrecking and president of American Fuel Harvesters East. "Our permit will allow us to recycle 2,000 tons of commingled C&D debris."
Mazzocchi says the new plant has "the only 'RD&D' permit issued by the New Jersey Department of Environmental Protection."
The deal will also keep Mazzocchi demolition crews busy for some time to come. "This contract, which has been in negotiation for over one year, brings Mazzocchi Wrecking's backlog for demolition and asbestos removal to approximately $33 million," says Grace Mazzocchi, president of Mazzocchi Wrecking.
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