Construction spending rises in November
Construction spending during November 2011 rose 1.2% over the previous month, according to an estimate released by the Department of Commerce, which posted a seasonally adjusted annual rate of $807.1 billion. The increase was the third in four months and followed a revised 0.2% drop in October.
The November figure is slightly higher (0.5%) than November 2010’s construction spending estimate of $803.0 billion.
For the first 11 months of 2011, construction spending amounted to $724.8 billion, which is 2.5% below the $743.6 billion for the same period in 2010, according to government estimates.
Residential construction rose 2.0% in November 2011, at a seasonally adjusted annual rate of $243.7 billion compared to the revised October estimate of $238.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $278.6 billion in November, nearly the same as the revised October estimate of $278.5 billion.
In year-over-year figures, residential construction rose 3.4% between November 2011 and November 2010. Residential construction includes both single and multi-family dwellings.
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In Hawaii, City Mill plans new store
City Mill Co. plans to open a new store in Ewa Beach, Oahu, Hawaii, at the Laulani Village Shopping Center.
As the second anchor store, City Mill will encompass 40,000 sq. ft. with a 5,000-sq.-ft. area for additional garden, lumber and building materials. The new store is expected to open in late 2012. It will be the company’s ninth store.
Steven Ai, City Mill president and CEO said: “We are excited about this new City Mill addition, especially since there is so much growth in West Oahu and in the Ewa Beach area. We hope to be a strong member of that community, as we are in other neighborhoods where we have locations.”
The project developer is Safeway Inc. and it, along with City Mill, will be the shopping center anchor stores. Laulani Village will be the newest and largest retail development in Ewa history, with about 70 retailers, businesses and services. Groundbreaking of Laulani Village was on Nov. 3, 2011, with an anticipated opening date in late 2012.
City Mill Co., Ltd. is a 113-year-old, Hawaii-based company that was founded in 1899 as a rice and lumber mill. It continues to be a private, family-owned and operated company whose primary business is to sell home improvement and related products for the repair and maintenance of the home and office. The company will celebrate its 113th anniversary this year.
In 2010, City Mill represented the 110th largest company in Hawaii with total sales of $67 million. On a national level, in 2010, City Mill represented the 125th largest hardware/home improvement center in the United States.
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Customers help break up Oregon shoplifting ring
A group of Home Depot customers in Beaverton, Ore., helped authorities solve a dozen shoplifting cases involving close to $500,000 in stolen merchandise from a variety of businesses, according to an article in the Portland Tribune.
Police said that three suspects were taken into custody on Dec. 26 after shoppers reported two men wheeling a shopping cart full of merchandise through an emergency exit door at the Beaverton store around 11:30 a.m. After watching the men load the goods into a waiting utility trailer, the witnesses took down a description of the car — a black Toyota 4-Runner — before it drove away.
Officers soon stopped the vehicle and trailer and detained the three men. Inside they found more than $1,200 worth of Home Depot merchandise and returned it to the business, according to the report.
Upon further investigation, police learned that the men may have been involved in dozens of similar thefts. Authorities found storage lockers full of items, including tools and equipment from construction sites, appliances from new residential construction projects, two ski boats, three enclosed utility trailers, a 24-ft. recreational vehicle, and computers and equipment from local businesses and restaurants. The estimated total of the stolen merchandise was $484,441.
Arrested and charged with first-degree theft were 34-year-old William George Hazelwood III, a transient; 45-year-old Michael O’Sullivan of Beaverton; and 35-year-old Charles Daniel Smith of Tualatin.
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