Construction Commercial builders report that construction throughout the District remains brisk. In Pittsburgh, demand is reportedly strong in all segments of commercial building, as it is in Columbus and Cincinnati. In Columbus, there has been an especially strong demand for the reclamation and retrofitting of older, vacant downtown office buildings. In Cleveland, however, the pace of building activity has moderated. One Cleveland contact cited labor shortages as a possible cause.
Builders expect lower sales activity to persist for the foreseeable future.
Declining prices for homes have cut into builders' profits. Prices for materials remain generally flat. Bricks remain in short supply in the region. The overall demand for steel has moderated and prices have fallen back to their first-quarter levels. Most producers report a drop in orders for the third quarter.