McGraw-Hill releases 2009 construction outlook
The upheaval in the financial markets has put the breaks on construction projects across the country, and the reverberations will be felt well into 2009, according to a report by McGraw-Hill Construction. The company’s annual forecast predicts a 12 percent decline in commercial building construction in 2009, as measured in dollars, with stores and warehouses suffering the greatest losses.
Institutional buildings will slip 3 percent, in terms of dollars spent, as funding from state and local sources tapers off. These fiscal woes, combined with flat funding at the federal level, will affect public works projects, which are expected to slide by 5 percent, the forecast said.
Electric utility construction is expected to retreat 30 percent after surging 55 percent in 2008, according to McGraw-Hill.
This year will end with an overall decline of 12 percent in construction activity, with store construction taking the biggest hit with a 30-percent drop in retail square footage.
In single-family housing, McGraw-Hill is predicting that 560,000 units will be built in 2009.
BMHC moves to OTC trading
Building Materials Holding Corp. (BMHC) has moved its stock listing to the Over the Counter Bulletin Board (OTCBB) following the company’s removal from the New York Stock Exchange. The San Francisco-based pro dealer will trade its common stock on the OTCBB under the symbol “BLGM.”
On Oct. 30, its first day of trading on the OTCBB, the stock closed at 28 cents a share.
The OTCBB is an electronic, regulated quotation service that displays real-time quotes, last-sale prices and volume information for over-the-counter equity securities not listed on national securities exchanges. Companies listed on the OTCBB are still subject to SEC filing requirements and other regulatory authority.
The New York Stock Exchange suspended trading of BMHC’s common shares on Oct. 29, because the company is no longer compliant with its market capitalization requirements.
BMHC is scheduled to report its third-quarter financial results on Nov. 6.
Orgill to distribute new stain remover product
Winning Brands, a Barrie, Ontario-based company, reports that Orgill, the Memphis, Tenn.-based distributor, has approved Winning Colours Stain Remover for representation by Orgill’s 250-member sales force.
“The decision by Orgill to let its sales force introduce Winning Colours to Orgill’s vast account base brings several thousand potential retail points of sale within reach, adding to a national structure of 250 professional sales representatives,” said Winning Brands CEO Eric Lehner. “That’s unprecedented reach for Winning Colours Stain Remover. I expect that it will have a significant impact.”
Winning Brands manufactures Winning Colours Stain Remover for consumer and commercial use as an environmental supplement to traditional solvents and cleaners. Large-scale production takes place in Canada as well as at an affiliated manufacturing facility in Grand Rapids, Mich.