Companies choose to grow and expand within the Upper Valley region for a number of reasons. Quality of life issues, an educated workforce, economic diversity within the region, are but a few of the selection criteria made by commercial and institutional business owners. The area will continue to have broad appeal to employers whose location criteria include such standards. Ongoing building and construction activity for these owners may have more to do with the economic variables driven by land cost and availability, the municipal approval process, and access to project funding. All would agree that the industry is heavily influenced by both Federal Reserve and federal government actions related to fiscal and monetary policy. Locally, these efforts are helping to reduce economic uncertainty and may enhance opportunities within a relatively strong marketplace by ‘jump-starting’ a few currently shelved or stalled building projects.

Building and construction activity within the local market remained steady throughout 2001. All signs point to continued strength well into the new year, with many area contractors reporting a backlog of work, or forward (negotiated) building contracts that promise to keep industry participants busy well into the third quarter of 2002. A variety of private and publicly funded projects will begin during the spring months. Institutional projects scheduled to begin in the months ahead include public and private school addition and renovation work, and various municipal projects. A few such projects have recently moved forward through the bond approval process. In some cases, construction managers are presently coordinating their building teams in anticipation of an early spring schedule. Dartmouth-Hitchcock Medical Center’s expansion plan will occur over the next few years, with anticipated costs equal to over $200 million. Miscellaneous commercial activity planned for 2002 will include numerous retail building and renovation projects, as well as warehouse and distribution facility construction. A number of local manufacturers have begun the planning and permit process for addition and renovation projects they hope to complete within 2002. Area residents may have noted a number of new office construction projects that have occurred within the past couple of years. Similar such projects are currently in the works with anticipated completion dates in early spring.

Trumbull-Nelson Construction Company is proud to have served as Construction Manager and General Contractor for many northern New England clients during 2001. On behalf of everyone at Trumbull-Nelson, I’d like to thank our clients for their trust. If you are planning a building project in the year ahead, I hope that you’ll give us a call.

I wish you a very happy and prosperous 2002!