Newspaper article THE JOURNAL RECORD

Oklahoma Construction Contract Values Fall 9.1 Percent Last Month

Newspaper article THE JOURNAL RECORD

Oklahoma Construction Contract Values Fall 9.1 Percent Last Month

Article excerpt

The value of central Oklahoma construction projects fell 9.1 percent in July to $124.2 million from $136.8 million a year earlier.

According to the monthly contract report from the F.W. Dodge Division of McGraw Hill, the non-building category was the only one to see an increase last month. Contracts for these projects totaled $40.9 million, up 59.6 percent from $27.2 million in July 1998.

Non-residential contract values plunged 48.7 percent to $22.37 million from $43.6 million the previous year. Residential contracts dropped 7.6 percent to $60.89 million from $65.98 million the previous year. Central Oklahoma's total construction contracts for the first seven months of 1999 rose 12 percent in value to $1 billion from $896.9 million the prior year. Area residential contracts for the year to date totaled $521.3 million, up 12 percent from $466.38 million in 1998. Non-building contracts climbed 67 percent to $193.19 million from $115.7 million. Non-residential contracts declined 9 percent to $287.5 million from $314.78 million.

Dodge defines central Oklahoma as Canadian, Cleveland, Grady, Kingfisher, Lincoln, Logan, McClain, Oklahoma, Payne and Pottawatomie counties.

The value of total construction projects statewide for July fell 3.9 percent to $360.28 million from $375.2 million the prior year. Residential contracts for the month dropped 14.9 percent to $142.08 million from $167 million. Non-residential contracts sank 24.2 percent to $74.67 million from $98.6 million, while non-building contracts jumped 30.9 percent to $143.5 million from $109.6 million. Total construction projects statewide for the first seven months of 1999 climbed 18 percent to $2.5 billion from $2.16 billion the previous year.

50 Penn under renovation

MRO Properties has embarked on a renovation project to the retail and mixed-use areas of 50 Penn Place with the goal of providing a lighter, brighter, more elegant surrounding for patrons.

The first phase of the improvements include the replacement of "dated" carpet with limestone tile and a new color scheme in all retail common areas. "That dark look really dated our common areas and took every bit of light and sound away," noted Ben Bynum, property manager.

Bynum hopes the light stone tile will add a new dimension to the mall, resulting in creating a new energy for the shopping area located on the building's first three floors. "The tile will lend an elegant look that our customer expects and that is more befitting our upscale retailers."

MRO plans to spend around $800,000 on this phase, with completion anticipated for early November. The new interior architecture was designed by Wm Bruce Faudree of Oklahoma City.

Future improvements will include the addition of new furniture, planters and original artwork. Seating vignettes will be created to offer a more elegant and comfortable option to shoppers. …

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