Overall, petroleum, oil and gas spending is still a bright spot we’re seeing lots of activity up there. “Although the outlook is relatively flat, there are certainly some bright spots for construction. In 2010, geologists predicted a 37 chance of an M8.2+ event. While other sectors of the industry are expected to see mostly flat spending, there are some positive estimates, Siira said. Washington, Idaho, and Alaska, stated, 'Our operating assumption is that everything west of Interstate 5 will be toast.' Recent findings conclude that the Cascadia subduction zone is more complex and volatile than previously believed. Last year’s forecast for $7.2 billion of construction spending attributed about $200 million in government spending to projects related to earthquake recovery, with additional spending related to private-sector repairs. The Anchorage and Matanuska-Susitna school districts are still working on long-term rehabilitation of several schools damaged by the earthquake, but the majority of repairs to roads and private buildings have been completed, the report said. The projected loss is largely due to a dwindling number of repair projects stemming from the 7.1 magnitude earthquake that struck southern Alaska in November 2018, AGC Executive Director Alicia Siira said.
The organization’s annual spending forecast released Thursday was compiled by Alaska research firm McDowell Group. The Associated General Contractors of Alaska forecast a decline in construction spending this year of $500 million, or about 6.9%, The Alaska Journal of Commerce reported. ANCHORAGE, Alaska - An Alaska industry group predicted a decrease in 2020 construction spending due to a lower number of earthquake repair projects.
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