Masonry Magazine October 1994 Page. 36
A GIANT REPLICA of the Sphinx guards the entrance to the Luxor Hotel, left. The resort houses the world's largest atrium and guests can view Egyptian temples and artifacts from barges as they glide along an imaginary Nile River. The MGM Grand, right, is the largest resort hotel in the world with 5,005 rooms. It also includes a 33-acre Hollywood image theme park.
Construction Slips 2 Percent
IN A DISAPPOINTING SETBACK, the value of new construction contracts fell 2 percent in June to $272.8-billion, according to the F. W. Dodge Division of McGraw-Hill. A reduced amount of both housing and public works construction led to the latest month's decline, outweighing continued improvement for nonresidential building.
June's lower volume brought the seasonally adjusted Dodge Index to 105 (1987-100), down from May's revised 107. While the Index had earlier witnessed steady gains during 1994's first quarter (the March reading of 113 was the highest so far of this recovery), since then the pattern of activity has been more hesitant.
"As the construction industry makes the transition from a housing-led recovery to one where other sectors provide the upward momentum, the recovery becomes more of a balancing act," said Robert A. Murray, vice president of economic affairs for Dodge.
"Both nonresidential building and public works have to pick up the slack from a slipping housing market, and in June only nonresidential building rose to the challenge. But while June's retreat for total construction was troubling, the broader picture coming through during 1994's first six months is still reassuring-activity was up 7 percent over last year, holding to the moderate expansion established during the 1992-93 period."
Residential construction in June dropped 10 percent, as the impact from higher mortgage rates finally took hold. Single family housing plunged 13 percent in falling to its lowest dollar volume in a year, while the much smaller multifamily sector bounced back 7 percent from a depressed April and May. Most regions in June showed decreased housing activity, including a particularly sharp 21 percent decline reported in the West. Ironically, the still lackluster Northeast proved to be the month's exception with a 6 percent residential gain.
Nonresidential building was the industry bright spot in June, rising 13 percent in posting its second strongest 1994 total (after March). Much of the upward impetus came from the institutional categories-both schools and healthcare facilities recovered from a subdued May, and several large projects provided an added boost-including a $150 million convention center expansion in Baltimore and a $150 million sports arena in Philadelphia.
Murray noted, "With the sustained economic recovery and some easing of fiscal stress at the state and local level, institutional building appears ready to regain the gradual upward trend witnessed from the mid-1980s through the early 1990s." June data for commercial building was mixed-contracting for stores continued to be strong, while offices fell back from May's upturn.
LAS VEGAS HOSTS
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Treasure Island, adjacent to the Mirage Hotel, is designed as an outdoor theater resembling the small bay village in Robert Louis Stevenson's novel, "Treasure Island." Every ninety minutes a ship battle is acted out between the pirate ship Hispaniola and the British frigate Britannia. Treasure Island is also the permanent home of the French-Canadian performing troupe, Cirque du Soleil. This circus uses seventy international acrobats, clowns, comedians, actors, singers, musicians and trapeze artists in their performances.
The third new hotel is the MGM Grand with a 33-acre movie lot theme park featuring theme streets, four theaters, a haunted silver mine, a riverboat and much more. The MGM is the largest entertainment resort of its kind with 30 story room towers and the world's largest resort hotel casino.
Other activities and attractions near Las Vegas include Colorado River rafting tours, Lake Mead cruises, horseback riding, hiking and rock climbing trips and excursions to Hoover Dam, one of the seven engineering wonders of the world. Las Vegas also contains many museums, shopping malls and theaters.
Masonry Expo '95 will continue its tradition of offering seminars and conferences designed to aid you in running and developing your business. The meetings and banquet will also provide you with the opportunity to exchange information, re-new old acquaintances and make new contacts. With the many attractions which Las Vegas provides, this will be the perfect opportunity to turn a business trip into a fun filled family vacation.