Construction inflation hits Vikings stadium project (update)
<img src='http://finance-commerce.com/files/2013/10/StadiumCapture-Front-1280.jpg' width='200px' alt='Bids for the new Vikings stadium are coming in higher than expected, visit our website forcing the project team to do some value http://www.ihireconstruction.com engineering. Groundbreaking is scheduled for mid-November. (Submitted rendering: HKS)’ style=’float:left;padding:5px’ />
A plume of smoke rising above the airport could be seen in the twilight sky over the neighborhoods surrounding the airport in the hours after the crash. After hearing a loud boom, several neighbors ran toward the airport and saw the fire. “It was very, very terrifying, it was sad to see just so much smoke, and the building collapse and the loud boom, you just put it all together and it’s scary,” witness Alyssa Lang told KABC-TV. Witness Charles Thomson told the TV station the plane appeared to make a “perfectly normal landing” before veering off course. The jet, a Cessna 525A manufactured in 2003, was registered to a Malibu, Calif., address and its corporate owner, Creative Real Estate Exchange, is based in Birmingham, Ala., and Atlanta, according to FAA public records. The plane had no record of accidents or incidents, the FAA said.
Construction industry fears miner’s nightmare
Optimism was also up, with 51 percent expecting output would rise over the next 12 months and only 9 percent of respondents predicting a fall, the highest level of confidence since August 2010. Employers created jobs for the fourth straight month. “Having been in the doldrums for so long, builders are using this renewal as a platform to invest, with employment seeing the most dramatic upturn in close to six years,” said David Noble, chief executive at the Chartered Institute of Purchasing & Supply. PMI data on Tuesday showed Britain’s manufacturing activity grew at a slower rate than expected in September, but also showed that employment picking up. The Bank of England is keeping a close eye on the UK labour market, having said that it would not consider raising record-low interest rates until the jobless rate falls to 7 percent. On Friday, mortgage lender Nationwide said British house prices rose for the fifth straight month in September and hit record highs in London. The day before that, finance minister George Osborne asked the Bank of England to make annual assessments of his controversial “Help to Buy” housing programme to ensure that its support to lenders does not lead to a property bubble.
Sources said that the construction industry, reeling as it does under global recession, is facing “tough times”. “It’s a buyer’s market out there. Though the rise in the cost of sand and other fundamental construction material is bound to increase the cost of construction, the builders are unable to pass on the burden to the buyers. While on one side, new sales are hard to happen, old buyers are facing problems in repayment of their house loans,” Datta D Naik, owner of Commonwealth Developers, said. Sand transporters who manage to bring sand from outside Goa on the sly, sell it at a premium.
We are trying to decide what we can afford and what we might have to put on a list to do later, she said Friday. Even so, the Vikings have agreed to pay an extra $13.1 million upfront to retain design features such as video boards and club area amenities that may otherwise be at risk because of the higher costs. We havent selected every single item that money would go toward, but we know there are things that we want to include in this building, and we consider them must-haves, to have the quality of the building, the fan experience in the building, and that is what the $13 million was pledged toward, said Don Becker, a project executive for the Vikings. Under the deal, the team may recoup the $13.1 million from the projects contingency. If contingency money is not available, the Vikings would have to eat the additional $13.1 million.