Construction MMI®: Amazon Engulfs Seattle, Texas Leads the Nation in Construction

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Seattle has about 32.5 million square feet of Class A office space. Of that, Amazon owns or leases 4.2 million square feet — about one-eighth of the total. And, it plans to use more. The company is building three office towers and is already planning to expand again with a project it calls Block 21. When it’s finished, it would have about another 9 million square feet of office space.

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Texas was the fastest growing construction market this year thanks to oil and gas exploration. The state has added 300,000 new jobs over the last year and houses and apartments are being built to accommodate workers. But it’s not alone. Dodge Data & Analytics has compiled a list of 20 US markets that are booming this year. The New York metro area, Washington, D.C., and Los Angeles are among areas that are seeing increased activity.

After drifting 6.8%, Chinese H-beam steel dropped to CNY 2,860 ($465.66) per metric ton making it the biggest mover on the weekly Construction MMI® this week. The price of Chinese rebar increased by a slight 1.0% over the past week to CNY 3,060 ($498.23) per metric ton. The price of US shredded scrap fell 0.6% over the past week to $348.00 per short ton. This was the fourth week in a row of declining prices. At CNY 970.00 ($157.94) per dry metric ton, the Chinese low price of 62% Australian iron ore fines remained essentially flat.

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Closing at CNY 14,200 ($2,312) per metric ton, Chinese aluminum bar remained unchanged for the week. Prices for European 1050 aluminum remained constant, closing the week at EUR 2,496 ($3,156) per metric ton.

The weekly US Midwest bar fuel surcharge saw a 6.8% increase in its price, hitting $0.52 per mile. The weekly US Rocky Mountain bar fuel surcharge rose 3.3% last week to $0.52 per mile. The weekly US Gulf Coast bar fuel surcharge rose 1.3% to $0.47 per mile after falling 1.3% during the previous week.

The Construction MMI® collects and weights 9 metal price points used within the construction industry to provide a unique view into construction industry price trends. For more information on the Construction MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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