This is an accepted version of this page
88-684: The Turner Construction Company is an American construction company with presence in 20 countries. It is a subsidiary of the German company Hochtief . It is the largest domestic contractor in the United States as of 2020, with a revenue of $ 14.41 billion in 2020. Turner Construction was founded in New York City in 1902 by Henry Chandlee Turner. Its first project was a $ 690 concrete vault in Brooklyn , followed by concrete staircases for
176-476: A designer , a contractor , a construction manager , or other advisors); such specialists are normally appointed for their expertise in project delivery and construction management and will help the owner define the project brief , agree on a budget and schedule , liaise with relevant public authorities, and procure materials and the services of other specialists (the supply chain , comprising subcontractors and materials suppliers). Contracts are agreed for
264-422: A "live" environment (where residents or businesses remain living in or operating on the site) requires particular care, planning and communication. When applicable, a proposed construction project must comply with local land-use planning policies including zoning and building code requirements. A project will normally be assessed (by the 'authority having jurisdiction', AHJ, typically the municipality where
352-445: A building or other asset that affect safety, including its use, expansion, structural integrity, and fire protection , usually require municipality approval. Depending on the type of project, mortgage bankers , accountants , and cost engineers may participate in creating an overall plan for the financial management of a construction project. The presence of the mortgage banker is highly likely, even in relatively small projects since
440-640: A business to lead both design and construction ( design-build ); or they may directly appoint a designer, contractor and specialist subcontractors ( construction management ). Some forms of procurement emphasize collaborative relationships ( partnering , alliancing) between the client, the contractor, and other stakeholders within a construction project, seeking to ameliorate often highly competitive and adversarial industry practices. DfMA (design for manufacture and assembly) approaches also emphasize early collaboration with manufacturers and suppliers regarding products and components. Construction or refurbishment work in
528-510: A competing stock exchange IEX (which operated with a 350-microsecond delay in trading), gained approval from the SEC , despite lobbying protests by the NYSE and other exchanges and trading firms. On July 24, 2017, the NYSE renamed NYSE MKT to NYSE American, and announced plans to introduce its own 350-microsecond "speed bump" in trading on the small and mid-cap company exchange. Past presidents of
616-479: A conceptual cost estimate performed by a building estimator . As portions of a project are completed, they may be sold, supplanting one lender or owner for another, while the logistical requirements of having the right trades and materials available for each stage of the building construction project carry forward. Public–private partnerships (PPPs) or private finance initiatives (PFIs) may also be used to help deliver major projects. According to McKinsey in 2019,
704-474: A puppy-dog. It is like nothing else under the astonished sky that is its only roof." After a group of Curb brokers formed a real estate company to design a building, Starrett & Van Vleck designed the new exchange building on Greenwich Street in Lower Manhattan between Thames and Rector, at 86 Trinity Place. It opened in 1921, and the curbstone brokers moved indoors on June 27, 1921. In 1929,
792-433: A rule is inapplicable (the bridge design will not cause a collapse), or that the custom is no longer needed (acceptance of live-work spaces has grown in the community). During the construction of a building, a municipal building inspector usually inspects the ongoing work periodically to ensure that construction adheres to the approved plans and the local building code. Once construction is complete, any later changes made to
880-405: Is built and ready for use. Construction also covers repairs and maintenance work, any works to expand, extend and improve the asset, and its eventual demolition , dismantling or decommissioning . The construction industry contributes significantly to many countries' gross domestic products ( GDP ). Global expenditure on construction activities was about $ 4 trillion in 2012. In 2022, expenditure on
968-405: Is the discipline of safely and efficiently tearing down buildings and other artificial structures . Demolition contrasts with deconstruction , which involves taking a building apart while carefully preserving valuable elements for reuse purposes ( recycling – see also circular economy ). The output of the global construction industry was worth an estimated $ 10.8 trillion in 2017, and in 2018
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#17327717753311056-519: Is the largest "Green contractor" in the United States. Construction This is an accepted version of this page Construction is a general term meaning the art and science of forming objects , systems , or organizations . It comes from the Latin word constructio (from com- "together" and struere "to pile up") and Old French construction . To 'construct' is a verb :
1144-937: Is the process of adding structures to areas of land, also known as real property sites. Typically, a project is instigated by or with the owner of the property (who may be an individual or an organisation); occasionally, land may be compulsorily purchased from the owner for public use. Residential construction may be undertaken by individual land-owners ( self-built ), by specialist housebuilders , by property developers , by general contractors , or by providers of public or social housing (e.g.: local authorities, housing associations ). Where local zoning or planning policies allow, mixed-use developments may comprise both residential and non-residential construction (e.g.: retail, leisure, offices, public buildings, etc.). Residential construction practices, technologies , and resources must conform to local building authority's regulations and codes of practice . Materials readily available in
1232-413: Is the second largest construction market with a 2018 output of $ 1.581 trillion. Construction is a major source of employment in most countries; high reliance on small businesses, and under-representation of women are common traits. For example: According to McKinsey research, productivity growth per worker in construction has lagged behind many other industries across different countries including in
1320-464: Is unacceptable," Saltzman said in the statement. "We will hold them accountable." One worker was killed and four were injured in a partial collapse on November 25, 2019, in the 14-story luxury apartment at 4th & Race under construction in Cincinnati that is being built by Turner for Cincinnati Center City Development Corporation (3CDC) and Flaherty & Collins. Concrete was being poured onto
1408-649: Is virtually no need for a full-time successor." In 1953 the Curb Exchange was renamed the American Stock Exchange. The exchange was shaken by a scandal in 1961, and in 1962 began a reorganization. Its reputation recently damaged by charges of mismanagement, in 1962 the American Stock Exchange named Edwin Etherington its president. Writes CNN , he and executive vice president Paul Kolton were "tapped in 1962 to clean up and reinvigorate
1496-799: The American Stock Exchange ( AMEX ), and more recently as NYSE MKT , is an American stock exchange situated in New York City. AMEX was previously a mutual organization , owned by its members. Until 1953, it was known as the New York Curb Exchange . NYSE Euronext acquired AMEX on October 1, 2008, with AMEX integrated with the Alternext European small-cap exchange and renamed the NYSE Alternext U.S. In March 2009, NYSE Alternext U.S.
1584-562: The Bronze Age , a class of professional craftsmen , like bricklayers and carpenters , appeared. Occasionally, slaves were used for construction work. In the Middle Ages , the artisan craftsmen were organized into guilds . In the 19th century, steam-powered machinery appeared, and later, diesel- and electric-powered vehicles such as cranes , excavators and bulldozers . Fast-track construction has been increasingly popular in
1672-485: The John Fitzgerald Kennedy Library in 1977. Howard Sinclair Turner became president in 1965, and was chairman from 1970 to 1977, when he was succeeded by Walter B. Shaw. In 1984, Shaw appointed Herbert Conant as president. Turner Construction Company erected several professional sports stadiums during the 1990s. Sports construction was not new to the company: Turner's first sports contract
1760-973: The New York City Subway . By the late 1920s, Turner was constructing buildings for large businesses in the United States. Turner's stock began trading on the American Stock Exchange in 1972. Turner's projects have included large buildings and numerous sports stadiums. Then, in 1999, Hochtief purchased Turner. In 2010s, the company was involved in a multi-year bid rigging scheme related to interior work at Bloomberg L.P. resulting in its then vice president Ronald Olson to plead guilty to federal charge of tax evasion on accepting $ 1.5 million in bribes from subcontractors and then project superintendent Vito Nigro to plead guilty to grand larceny. They were both also convicted of federal tax crime from this matter. In 1902, Henry Chandlee Turner (1871-1954) founded Turner Construction Company with $ 25,000 in start-up capital, at 11 Broadway , in New York City. Turner's first job
1848-573: The New York City Subway . The original design showed the stairs were to be made of steel, but Turner persuaded Gair to use concrete as an alternative. His proposal was applauded and led to contracts for staircases and platforms for the Interborough Rapid Transit Company 's first subway line . The company established branch offices in Philadelphia in 1907, followed by Buffalo in 1908, and Boston in 1916. Within
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#17327717753311936-768: The Philadelphia Stock Exchange . This product was short-lived after a lawsuit by the Chicago Mercantile Exchange was successful in stopping sales in the United States. In 1990, a similar product, Toronto Index Participation Shares, which tracked the TSE 35 and later the TSE 100 indices, started trading on the Toronto Stock Exchange (TSE) in 1990. The popularity of these products led the American Stock Exchange to try to develop something that would satisfy regulations by
2024-780: The Seabees . One month after Moreell's appointment, Archie Turner died of a heart attack. Turner, together with three other main contractors Fuller, Slattery, Walsh built the United Nations Secretariat Building in New York, which was completed in 1952. Also in same city, Turner built the One Chase Manhattan Plaza in 1956. During the 1960s, notable projects included the Lincoln Center and Madison Square Garden in 1967. From
2112-551: The Times , this came from a general belief that if a curb exchange was organized, the exchange authorities would force members to sell their other exchange memberships. However, in 1908 the New York Curb Market Agency was established, which developed appropriate trading rules for curbstone brokers, organized by Mendels. The informal Curb Association formed in 1910 to weed out undesirables. The curb exchange
2200-607: The U.S. Securities and Exchange Commission . Nathan Most and Steven Bloom, under the direction of Ivers Riley, designed and developed Standard & Poor's Depositary Receipts ( NYSE Arca : SPY), which were introduced in January 1993. Known as SPDRs or "Spiders", the fund became the largest ETF in the world. In May 1995, State Street Global Advisors introduced the S&;P 400 MidCap SPDRs ( NYSE Arca : MDY). Barclays , in conjunction with MSCI and Funds Distributor Inc., entered
2288-481: The United States and in European countries. In the United States, construction productivity per worker has declined by half since the 1960s. The twenty-five largest countries in the world by construction GVA (2018) Some workers may be engaged in manual labour as unskilled or semi-skilled workers; they may be skilled tradespeople; or they may be supervisory or managerial personnel. Under safety legislation in
2376-474: The architect , engineer or builder acts for the client as the project coordinator. They design the works, prepare specifications and design deliverables (models, drawings, etc.), administer the contract, tender the works, and manage the works from inception to completion. In parallel, there are direct contractual links between the client and the main contractor, who, in turn, has direct contractual relationships with subcontractors. The arrangement continues until
2464-414: The type of building , non-residential building construction can be procured by a wide range of private and public organisations, including local authorities, educational and religious bodies, transport undertakings, retailers, hoteliers, property developers, financial institutions and other private companies. Most construction in these sectors is undertaken by general contractors . Civil engineering covers
2552-517: The "Curb list" of requirements. In 1911, Mendels and his advisers drew up a constitution and formed the New York Curb Market Association , which can be considered the first formal constitution of American Stock Exchange. In 1920, journalist Edwin C. Hill wrote that the curb exchange on lower Broad Street was a "roaring, swirling whirlpool" that "tears control of a gold-mine from an unlucky operator, and pauses to auction
2640-581: The "vast majority of large construction projects go over budget and take 20% longer than expected". A construction project is a complex net of construction contracts and other legal obligations, each of which all parties must carefully consider. A contract is the exchange of a set of obligations between two or more parties, and provides structures to manage issues. For example, construction delays can be costly, so construction contracts set out clear expectations and clear paths to manage delays. Poorly drafted contracts can lead to confusion and costly disputes. At
2728-461: The 21st century. Some estimates suggest that 40% of construction projects are now fast-track construction. Broadly, there are three sectors of construction: buildings, infrastructure and industrial: The industry can also be classified into sectors or markets. For example, Engineering News-Record ( ENR ), a US-based construction trade magazine, has compiled and reported data about the size of design and construction contractors. In 2014, it split
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2816-447: The 21st-century introduction of building information modeling (BIM) processes has involved the use of computer-generated models that can be used in their own right or to generate drawings and other visualisations as well as capturing non-geometric data about building components and systems. On some projects, work on-site will not start until design work is largely complete; on others, some design work may be undertaken concurrently with
2904-536: The American Exchange in November of that year. In 1977, Thomas Peterffy purchased a seat on the American Stock Exchange. Peterffy created a major stir among traders by introducing handheld computers onto the trading floor in the early 1980s. ETFs or exchange-traded funds had their genesis in 1989 with Index Participation Shares, an S&P 500 proxy that traded on the American Stock Exchange and
2992-539: The Curb Exchange building at 86 Trinity Place was closed, and the Amex Equities trading floor was moved to the NYSE Trading floor at 11 Wall Street . 90 years after its 1921 opening, the old New York Curb Market building was empty but remained standing. In March 2009, NYSE Alternext U.S. was changed to NYSE Amex Equities. On May 10, 2012, NYSE Amex Equities changed its name to NYSE MKT LLC. In June 2016,
3080-673: The Manhattan District Attorney's Office started looking into Turner Construction and Bloomberg LP over suspected construction fraud by employees in each company and 22 subcontractors. There was conspiracy, bribery and kickbacks involved which occurred between 2010 and 2017. In the multi-year bribery and bid rigging scheme involving Turner, a former Turner vice president, Ronald Olson, pleaded guilty to bribery in July 2020. Olson pleaded guilty to tax evasion for US$ 1.5 million he received in connection with Bloomberg jobs while he
3168-646: The New York Curb Market changed its name to the New York Curb Exchange. The Curb Exchange soon became the leading international stock market, and according to historian Robert Sobel , "had more individual foreign issues on its list than [...] all other American securities markets combined." Edward Reid McCormick was the first president of the New York Curb Market Association and is credited with moving
3256-671: The United Kingdom, and the heavy construction field. In 2002, Turner Construction expanded its presence in the Washington, D.C. area by acquiring J.A. Jones-Tompkins Builders, Inc., the former subsidiary of J.A. Jones Construction Company. Tompkins Builders, Inc., a new entity, is now a wholly owned subsidiary of Turner Construction. By 2016, Turner had 45 office locations around the world. In August 2017, Turner Construction flouted permit regulations and unlawfully closed two lanes in middle of downtown Portland, Oregon . In response,
3344-535: The United Kingdom, for example, construction workers are defined as people "who work for or under the control of a contractor on a construction site"; in Canada, this can include people whose work includes ensuring conformance with building codes and regulations, and those who supervise other workers. Laborers comprise a large grouping in most national construction industries. In the United States, for example, in May 2021
3432-697: The acquisition, NYSE Euronext announced that the AMEX would be integrated with the Alternext European small-cap exchange and renamed the NYSE Alternext U.S. The American Stock Exchange merged with the New York Stock Exchange (NYSE Euronext) on October 1, 2008. Post merger, the Amex equities business was branded "NYSE Alternext US". As part of the re-branding exercise, NYSE Alternext US was re-branded as NYSE Amex Equities. On December 1, 2008,
3520-407: The act of building, and the noun is construction: how something is built or the nature of its structure. In its most widely used context, construction covers the processes involved in delivering buildings , infrastructure , industrial facilities, and associated activities through to the end of their life. It typically starts with planning , financing , and design that continues until the asset
3608-413: The area generally dictate the construction materials used (e.g.: brick versus stone versus timber ). Costs of construction on a per square meter (or per square foot) basis for houses can vary dramatically based on site conditions, access routes, local regulations, economies of scale (custom-designed homes are often more expensive to build) and the availability of skilled tradespeople. Depending upon
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3696-554: The asset as an advanced technological system requiring close integration of many sub-systems and their individual components, including sustainability. For buildings, building engineering is an emerging discipline that attempts to meet this new challenge. Traditionally, design has involved the production of sketches , architectural and engineering drawings , and specifications . Until the late 20th century, drawings were largely hand- drafted ; adoption of computer-aided design (CAD) technologies then improved design productivity, while
3784-419: The budget on the job, and a construction manager , design engineer , construction engineer or architect supervises it. Those involved with the design and execution must consider zoning requirements and legal issues, environmental impact of the project, scheduling , budgeting and bidding , construction site safety , availability and transportation of building materials , logistics, and inconvenience to
3872-454: The city withheld inspection until the fine was paid off and the behavior prompted city transportation commissioner Dan Saltzman to issue the following statements: "Amidst one of the busiest summer construction seasons in recent memory, I’m disappointed at the blatant disregard for the public," "For a private construction company to block a lane during rush hour, delaying thousands of people and undermining our efforts to reduce traffic congestion
3960-447: The client enters into separate contracts with the designer (architect or engineer), a construction manager , and individual trade contractors . The client takes on the contractual role, while the construction or project manager provides the active role of managing the separate trade contracts, and ensuring that they complete all work smoothly and effectively together. This approach is often used to speed up procurement processes, to allow
4048-410: The client greater flexibility in design variation throughout the contract, to enable the appointment of individual work contractors, to separate contractual responsibility on each individual throughout the contract, and to provide greater client control. In the industrialized world, construction usually involves the translation of designs into reality. Most commonly (i.e.: in a design-bid-build project),
4136-533: The construction industry exceeded $ 11 trillion a year, equivalent to about 13 percent of global GDP . This spending was forecasted to rise to around $ 14.8 trillion in 2030. The construction industry promotes economic development and brings many non-monetary benefits to many countries, but it is one of the most hazardous industries. For example, about 20% (1,061) of US industry fatalities in 2019 happened in construction. The first huts and shelters were constructed by hand or with simple tools. As cities grew during
4224-675: The construction sector employed just over 7.5 million people, of whom just over 820,000 were laborers, while 573,000 were carpenters , 508,000 were electricians , 258,000 were equipment operators and 230,000 were construction managers. Like most business sectors, there is also substantial white-collar employment in construction – 681,000 US workers were recorded by the United States Department of Labor as in 'office and administrative support occupations' in May 2021. Large-scale construction requires collaboration across multiple disciplines. A project manager normally manages
4312-409: The curb market operated starting at 10 AM, each day except Sundays, until a gong at 3 PM. Orders for the purchase and sale of securities were shouted down from the windows of nearby brokerages, with the execution of the sale then shouted back up to the brokerage. As of 1907, E. S. Mendels gave the brokers rules "by right of seniority", but the curb brokers intentionally avoided organizing. According to
4400-750: The data into nine market segments: transportation, petroleum , buildings, power, industrial, water, manufacturing, sewage/waste, telecom , hazardous waste , and a tenth category for other projects. ENR used data on transportation, sewage, hazardous waste and water to rank firms as heavy contractors. The Standard Industrial Classification and the newer North American Industry Classification System classify companies that perform or engage in construction into three subsectors: building construction, heavy and civil engineering construction, and specialty trade contractors. There are also categories for professional services firms (e.g., engineering , architecture , surveying , project management ). Building construction
4488-426: The delivery of services by all businesses, alongside other detailed plans aimed at ensuring legal, timely, on-budget and safe delivery of the specified works. Design, finance, and legal aspects overlap and interrelate. The design must be not only structurally sound and appropriate for the use and location, but must also be financially possible to build, and legal to use. The financial structure must be adequate to build
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#17327717753314576-440: The design provided and must pay amounts that are legally owed. Legal structures integrate design with other activities and enforce financial and other construction processes. These processes also affect procurement strategies. Clients may, for example, appoint a business to design the project, after which a competitive process is undertaken to appoint a lead contractor to construct the asset ( design–bid–build ); they may appoint
4664-451: The design team is employed by (i.e. in contract with) the property owner. Depending upon the type of project, a design team may include architects , civil engineers , mechanical engineers , electrical engineers , structural engineers , fire protection engineers , planning consultants , architectural consultants, and archaeological consultants. A 'lead designer' will normally be identified to help coordinate different disciplinary inputs to
4752-821: The design, construction, and maintenance of the physical and naturally built environment , including public works such as roads, bridges, canals, dams, tunnels, airports, water and sewerage systems, pipelines, and railways. Some general contractors have expertise in civil engineering; civil engineering contractors are firms dedicated to work in this sector, and may specialise in particular types of infrastructure. Industrial construction includes offshore construction (mainly of energy installations: oil and gas platforms , wind power ), mining and quarrying , refineries , breweries , distilleries and other processing plants, power stations , steel mills , warehouses and factories . Some construction projects are small renovations or repair jobs, like repainting or fixing leaks, where
4840-443: The desire to prevent indisputably bad phenomena, e.g. explosions or bridge collapses. Other legal requirements come from malum prohibitum considerations, or factors that are a matter of custom or expectation, such as isolating businesses from a business district or residences from a residential district. An attorney may seek changes or exemptions in the law that governs the land where the building will be built, either by arguing that
4928-604: The early 1950s to the late 1960s, the company opened offices in Cincinnati, Los Angeles, Cleveland , and San Francisco. In 1969, Turner issued over-the-counter stock and in 1972, the company's stock began trading on the American Stock Exchange . Throughout the 1970s, the company added offices in locations such as Atlanta, Seattle, and Portland. Notable projects included the Vanderbilt University Medical Center Hospital in 1974 and
5016-535: The early stages of on-site activity (for example, work on a building's foundations may commence while designers are still working on the detailed designs of the building's internal spaces). Some projects may include elements that are designed for off-site construction (see also prefabrication and modular building ) and are then delivered to the site ready for erection, installation or assembly. Once contractors and other relevant professionals have been appointed and designs are sufficiently advanced, work may commence on
5104-544: The exchange's first chief executive officer and its first salaried top executive. As chairman, Kolton oversaw the introduction of options trading . Kolton opposed the idea of a merger with the New York Stock Exchange while he headed the exchange saying that "two independent, viable exchanges are much more likely to be responsive to new pressures and public needs than a single institution". Kolton announced in July 1977 that he would be leaving his position at
5192-593: The first 15 years, Turner Construction Company constructed buildings for some of the country's largest businesses, including a building for Western Electric and for Standard Oil . From World War I to the Great Depression , the company's billings grew to nearly $ 44 million. Like most industries, construction suffered during the economic collapse and Turner's volume fell to $ 2.5 million by 1933. The company recovered and revenues increased to $ 12 million by 1937. The company suspended commercial construction during
5280-412: The first feature of the permanent structure has been put in place, such as pile driving, or the pouring of slabs or footings. Commissioning is the process of verifying that all subsystems of a new building (or other assets) work as intended to achieve the owner's project requirements and as designed by the project's architects and engineers. A period after handover (or practical completion) during which
5368-571: The first of their kind. In 1998, State Street Global Advisors introduced "Sector Spiders ", separate ETFs for each of the sectors of the S&P 500 Index . Also in 1998, the "Dow Diamonds" (NYSE Arca: DIA) were introduced, tracking the Dow Jones Industrial Average . In 1999, the influential "cubes" ( Nasdaq : QQQ), were launched, with the goal of replicate the price movement of the NASDAQ-100 . The iShares line
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#17327717753315456-410: The market in 1996 with World Equity Benchmark Shares (WEBS) , which became iShares MSCI Index Fund Shares. WEBS originally tracked 17 MSCI country indices managed by the funds' index provider, Morgan Stanley . WEBS were particularly innovative because they gave casual investors easy access to foreign markets. While SPDRs were organized as unit investment trusts , WEBS were set up as a mutual fund ,
5544-416: The market indoors. George Rea was approached about the position of president of the New York Curb Exchange in 1939. He was unanimously elected as the first paid president in the history of the Curb Exchange. He was paid $ 25,000 per year (equivalent to $ 548,000 today ) and held the position for three years before offering his resignation in 1942. He left the position having "done such a good job that there
5632-530: The market started early in the 20th century under Emanuel S. Mendels and Carl H. Pforzheimer . The curb brokers had been kicked out of the Mills Building front by 1907, and had moved to the pavement outside the Blair Building where cabbies lined up. There they were given a "little domain of asphalt" fenced off by the police on Broad Street between Exchange Place and Beaver Street. As of 1907,
5720-486: The overall budget is adequate, presenting a temporary issue. Cost overruns with government projects have occurred when the contractor identified change orders or project changes that increased costs, which are not subject to competition from other firms as they have already been eliminated from consideration after the initial bid. Fraud is also an issue of growing significance within construction. Large projects can involve highly complex financial plans and often start with
5808-441: The overall design. This may be aided by integration of previously separate disciplines (often undertaken by separate firms) into multi-disciplinary firms with experts from all related fields, or by firms establishing relationships to support design-build processes. The increasing complexity of construction projects creates the need for design professionals trained in all phases of a project's life-cycle and develop an appreciation of
5896-409: The owner may act as designer, paymaster and laborer for the entire project. However, more complex or ambitious projects usually require additional multi-disciplinary expertise and manpower, so the owner may commission one or more specialist businesses to undertake detailed planning, design, construction and handover of the work. Often the owner will appoint one business to oversee the project (this may be
5984-405: The owner may identify any shortcomings in relation to the building specification ('defects'), with a view to the contractor correcting the defect. Maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery , building infrastructure, and supporting utilities in industrial, business, governmental, and residential installations. Demolition
6072-478: The owner's equity in the property is the most obvious source of funding for a building project. Accountants act to study the expected monetary flow over the life of the project and to monitor the payouts throughout the process. Professionals including cost engineers, estimators and quantity surveyors apply expertise to relate the work and materials involved to a proper valuation. Financial planning ensures adequate safeguards and contingency plans are in place before
6160-414: The project brief and then selects a preferred supplier. Often this will be a consortium involving a design firm and a contractor (sometimes more than one of each). In the United States, departments of transportation usually use design-build contracts as a way of progressing projects where states lack the skills or resources, particularly for very large projects. In a construction management arrangement,
6248-435: The project is ready for handover. Design-build became more common from the late 20th century, and involves the client contracting a single entity to provide design and construction. In some cases, the design-build package can also include finding the site, arranging funding and applying for all necessary statutory consents. Typically, the client invites several Design & Build (D&B) contractors to submit proposals to meet
6336-405: The project is started, and ensures that the plan is properly executed over the life of the project. Construction projects can suffer from preventable financial problems. Underbids happen when builders ask for too little money to complete the project. Cash flow problems exist when the present amount of funding cannot cover the current costs for labour and materials; such problems may arise even when
6424-528: The project site. Typically, a construction site will include a secure perimeter to restrict unauthorised access, site access control points, office and welfare accommodation for personnel from the main contractor and other firms involved in the project team, and storage areas for materials, machinery and equipment. According to the McGraw-Hill Dictionary of Architecture and Construction's definition, construction may be said to have started when
6512-745: The project will be located) for its potential impacts on neighbouring properties, and upon existing infrastructure (transportation, social infrastructure, and utilities including water supply, sewerage, electricity, telecommunications, etc.). Data may be gathered through site analysis , site surveys and geotechnical investigations . Construction normally cannot start until planning permission has been granted, and may require preparatory work to ensure relevant infrastructure has been upgraded before building work can commence. Preparatory works will also include surveys of existing utility lines to avoid damage-causing outages and other hazardous situations. Some legal requirements come from malum in se considerations, or
6600-642: The public, including those caused by construction delays . Some models and policy-making organisations promote the engagement of local labour in construction projects as a means of tackling social exclusion and addressing skill shortages. In the UK, the Joseph Rowntree Foundation reported in 2000 on 25 projects which had aimed to offer training and employment opportunities for locally based school leavers and unemployed people. The Foundation published "a good practice resource book" in this regard at
6688-662: The same time. Use of local labour and local materials were specified for the construction of the Danish Storebaelt bridge , but there were legal issues which were challenged in court and addressed by the European Court of Justice in 1993. The court held that a contract condition requiring use of local labour and local materials was incompatible with EU treaty principles . Later UK guidance noted that social and employment clauses, where used, must be compatible with relevant EU regulation. Employment of local labour
6776-451: The scandal-plagued American Stock Exchange." As of 1971, it was the second largest stock exchange in the United States. Paul Kolton succeeded Ralph S. Saul as AMEX president on June 17, 1971, making him the first person to be selected from within the exchange to serve as its leader, succeeding Ralph S. Saul, who announced his resignation in March 1971. In November 1972, Kolton was named as
6864-502: The seventh floor which was being supported from below on a temporary structure called "shoring" placed on the sixth floor. Workers were inspecting for seepage from the sixth floor when the floor above collapsed from the weight of the concrete. A worker who had gone missing in the collapse was found dead more than a day later in the rubble. Turner's previous fatality was in 2012 in Hillsboro, Oregon . In February 2018, investigators with
6952-473: The start of a project, legal advisors seek to identify ambiguities and other potential sources of trouble in the contract structures, and to present options for preventing problems. During projects, they work to avoid and resolve conflicts that arise. In each case, the lawyer facilitates an exchange of obligations that matches the reality of the project. Design-bid-build is the most common and well-established method of construction procurement. In this arrangement,
7040-435: The war years, focusing instead on the construction of military camps, factories, and government buildings. In 1941, Henry Turner stepped down as president to serve as chairman and make room for his brother, Archie Turner, as president. In October 1946, Henry Turner retired as chairman, handing the post to his ailing brother. For his replacement, Archie Turner selected Admiral Ben Moreell , the individual responsible for forming
7128-569: Was a $ 690 project to build a concrete vault for Thrift Bank in the borough of Brooklyn . In 1904, a Scottish industrialist named Robert Gair hired Turner Construction to build several concrete buildings in Brooklyn, including a plant that was recognized as the largest reinforced concrete building in the United States at the time. Around the same time the company was developing plans for the Gair building, Turner began building concrete staircases for
7216-604: Was changed to NYSE Amex Equities . On May 10, 2012, NYSE Amex Equities changed its name to NYSE MKT LLC . Following the SEC approval of competing stock exchange IEX in 2016, NYSE MKT rebranded as NYSE American and introduced a 350-microsecond delay in trading, referred to as a "speed bump", which is also present on the IEX. The exchange grew out of the loosely organized curb market of curbstone brokers on Broad Street in Manhattan . Efforts to organize and standardize
7304-787: Was construction of the promenade at Harvard Stadium in 1910, followed by Pitt Stadium for the University of Pittsburgh in 1925. In 1995, the company completed construction of the Rose Garden in Portland, Oregon . In 1996, they built Charlotte, North Carolina 's Bank of America Stadium , followed by completion of Sports Authority Field at Mile High in 2001. In August 1999, Hochtief of Germany purchased The Turner Corporation for $ 370 million. By extension, Turner Construction Company gained access to Hochtief's operations in Australia,
7392-564: Was for years at odds with the New York Stock Exchange (NYSE), or "Big Board", operating several buildings away. Explained the New York Times in 1910, the Big Board looked at the curb as "a trading place for 'cats and dogs.'" On April 1, 1910, however, when the NYSE abolished its unlisted department, the NYSE stocks "made homeless by the abolition" were "refused domicile" by the curb brokers on Broad Street until they had complied with
7480-455: Was forecast to rise to $ 12.9 trillion by 2022, and to around $ 14.8 trillion in 2030. As a sector, construction accounts for more than 10% of global GDP (in developed countries , construction comprises 6–9% of GDP), and employs around 7% of the total employed workforce around the globe (accounting for over 273 million full- and part-time jobs in 2014). Since 2010, China has been the world's largest single construction market. The United States
7568-613: Was identified as one of several social issues which could potentially be incorporated in a sustainable procurement approach, although the interdepartmental Sustainable Procurement Group recognised that "there is far less scope to incorporate [such] social issues in public procurement than is the case with environmental issues". There are many routes to the different careers within the construction industry. There are three main tiers of construction workers based on educational background and training, which vary by country: American Stock Exchange NYSE American , formerly known as
7656-399: Was launched in early 2000. By 2005, it had a 44% market share of ETF assets under management . Barclays Global Investors was sold to BlackRock in 2009. As of 2003, AMEX was the only U.S. stock market to permit the transmission of buy and sell orders through hand signals . In October 2008 NYSE Euronext completed acquisition of the AMEX for $ 260 million in stock. Before the closing of
7744-543: Was working for Turner. He received bribes from subcontractors in exchanging for awarding them contracts for Bloomberg L.P. projects. He was one of 14 individuals facing charges over this scandal. Turner has 46 offices in the U.S., is active in 20 countries around the world, and averages 1,500 projects per year. Turner services include construction management, general contracting, consulting, construction procurement, insurance, and risk management. According to Engineering News-Record's 2014 Top 400 Contractors Sourcebook, Turner
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