Maryland Construction Insights and Analysis October 2024

1. Project Size Distribution:

• Extra-Large Projects: Several extra-large projects (greater than 500,000 square feet) are notable in this dataset. These projects are primarily multifamily residential and corporate buildings. For example:
  • Towson Row and The Wilson & The Elm in Bethesda (937,000 sq ft), both focus on multifamily residential.
  • USDA George Washington Carver Center (GWCC) in Beltsville (276,109 sq ft) is a corporate building.
• Large Projects: These projects range between 200,000 and 500,000 square feet and cover various sectors such as multifamily residential, education, and industrial. Examples include:
  • Seneca Valley High School (440,000 sq ft).
  • New Carrollton Metro (250,000 sq ft) in Hyattsville.
  • Harmony at Waldorf (193,625 sq ft) in Waldorf, focusing on multifamily residential.

2. Project Type Trends:

• Multifamily Residential: This dominates the dataset with numerous large-scale projects across various cities. A few examples include:
  • Momentum in Shady Grove (170,432 sq ft).
  • The Aura in Largo (570,639 sq ft).
  • Residences at Forest Glen (275,000 sq ft).
• Education: Educational facilities also form a significant part of the construction landscape in Maryland, with large high school and elementary school projects. Examples include:
  • Crown High School in Gaithersburg (230,869 sq ft).
  • Poolesville High School (145,000 sq ft).
• Healthcare: There are multiple medium to large-sized healthcare projects, including:
  • Meritus School of Osteopathic Medicine in Hagerstown (200,000 sq ft).
  • Maryland Upper Chesapeake Hospital in Bel Air (116,000 sq ft).

3. Geographical Distribution:

• Baltimore: This city is home to many construction projects, including large-scale residential and industrial developments like McCulloh Homes (254,683 sq ft) and CFG Bank Arena (400,000 sq ft).
• Frederick: A key hub for multifamily residential and industrial projects. For instance:
  • Research & Industrial Park in Frederick (556,800 sq ft).
  • South Street Centre Family/Senior Buildings (180,808 sq ft).
• Germantown: The region has a mix of educational and residential projects, including:
  • Neelsville Middle School (165,000 sq ft).
  • Greenhills Apartments (87,380 sq ft).

4. Key Companies Involved:

• Multifamily Residential Developers:
  • The Bozzuto Group is a prominent player, involved in several large-scale projects like Towson Row, Residences at Forest Glen, and Hillwood Manor Renovation.
  • Chesapeake Contracting Group is engaged in projects such as Harmony at Waldorf and The Edge at Middleton in Aberdeen.
• Education Construction:
  • Dustin Construction is heavily involved in educational projects like Crown High School and Poolesville High School.
• Healthcare and Corporate Sectors:
  • Forrester Construction is notable for healthcare projects such as Laurel – Catalyst Healthcare (71,600 sq ft) and corporate projects like CFG Bank HQ.

5. Sectoral Focus:

• Residential: Clearly the most active sector, driven by Maryland’s growing urban and suburban populations, leading to a high demand for residential apartments and complexes.
• Education: Schools and universities are seeing significant investments in both new builds and renovations, likely driven by population growth and the need for modernized facilities.
• Industrial and Corporate: Large-scale projects like Research & Industrial Park in Frederick indicate a strong focus on industrial growth and corporate expansions, signaling Maryland’s growing role as a business and logistics hub.

6. Notable Trends:

• Urban Expansion: With large residential projects in urban centers like Baltimore, Bethesda, and Hyattsville, there’s a clear trend towards expanding living spaces in cities to accommodate growing populations.
• Infrastructure Investments: High investment in schools and healthcare facilities across Maryland shows a strong focus on community development and infrastructure improvement, particularly in suburban areas like Frederick and Gaithersburg.
• Industrial Growth: The presence of massive industrial projects such as the Creekside Logistics Warehouse (730,000 sq ft) in Hagerstown and CertainTeed Warehouse Expansion (157,511 sq ft) in Williamsport reflects the region’s focus on bolstering logistics and storage capabilities.

Conclusion:

The data highlights Maryland’s robust growth in multifamily residential, education, and industrial sectors, with leading companies like The Bozzuto Group, Clark Construction, and Dustin Construction playing pivotal roles in shaping the state’s construction landscape. The combination of large residential developments and infrastructure projects like schools and hospitals suggests continued urban and suburban expansion to meet population and business growth needs.