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Essay / Research Paper Abstract
A 3 page paper reviewing economic factors affecting the construction industry in Southern California during the first quarter of 2006 and for the short-term future beyond. Current price pressures originate with Katrina-related rebuilding and spiraling fuel costs that are leading to increased inflation. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSeconConst06.rtf
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Unformatted sample text from the term paper:
costs, increasing wage price pressures and continuing effect of 2005 hurricanes Katrina and Rita on the national supply of building materials all continue to have a direct effect on the
residential and commercial construction industries. As crude oil continues to break record per-barrel prices seemingly with each passing day, increasing fuel costs can be expected to continue to place
great pressure on inflation. The Federal Reserves response to inflation pressure no doubt will be to increase interest rates if it continues, which doubtless it will as China continues
to industrialize and place even greater pressures on world oil prices. The Short-Term Future Implications for domestic construction costs are that they will
continue to rise. Wage price pressures likely will decline as interest rates increase and demand for construction labor slows. Virtually all of the materials used in construction are
transported from some remote location, however, and most of them are moved in large diesel-powered trucks over the nations highways. Transportation cost increases already are reflected in higher materials
cost; that trend can be expected to continue. During 1Q2006, the Engineering News Record (2006) reports that energy continues to drive inflation; "big
box" home stores continue to affect building materials; and employment reached a record high (First Quarterly Cost Report 2006, 2006). Gelaude and Sitek (2005) report on Buyers Purchasing Intentions
relative to construction contractors and the economic factors expected to affect the industry throughout 2006. While most of the larger construction industry is
expected to continue to grow, housing can be expected to decline somewhat, with greater variations exhibited regionally (Gelaude and Sitek, 2005). This has been expected to follow several years
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