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A Mixed Bag . . .
Double Dip?
Negative economic news continues, with the stability of Euro zone finances in question. Gold prices hover near record highs. The U.S. economy, stagnant in August, netted no new jobs and consumers are more pessimistic than ever. Private construction spending fell in July. All of this leads Reed Construction Data Chief Economist Bernard Markstein to lower prior projections amid increased probability of a second recession. However, RCD do remain optimistic that the U.S. economy will avert such a descent, putting the current chances of double dip at 30%.
Wind Power Coming to Life in New England
Government streamlining of leases for Rhode Island and Massachusetts is breathing new life into offshore wind projects. In August, Winchester based Neptune Wind announced plans to develop, construct and operate a 500 MW wind farm 20 nautical miles south of the Massachusetts-Rhode Island border. The announcement came just one day after U.S. Secretary of the Interior Ken Salazar and Michael R. Bromwich, director of the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE), began the offshore leasing process for a 286 square mile sector off the Rhode Island and Massachusetts coasts. The process is part of the federal government's plan to fast-track offshore wind development in coastal states.
The first leases could be issued as early as next year. However, Neptune may have to compete with Providence-based Deepwater Wind for the federal land. Last December, Deepwater Wind proposed a 1,000 MW wind farm that overlaps Neptune's proposed wind farm.
The Neptune project uses offshore wind turbines designed to withstand southern New England's strong winds. Water depths range from 65 to 130 feet, requiring the use of a jacket structure foundation to withstand harsh marine conditions. The company plans to use a new portside facility in New Bedford for some manufacturing and construction operations, but it is also exploring facilities at Quonset Point, R.I.
UMASS Amherst Upgrades Campus
Close to 100 construction, renovation and repair projects were completed on campus this summer as part of UMASS's continuing program of upgrades to facilities. According to Jim Cahill, director of Facilities Planning, the campus will spend $200 million this year on some 400 projects that are in planning, design or construction.
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