Beating its congressionally imposed deadline, the U.S. Dept. of Transportation has released the $27.5 billion provided for highway projects in the recently enacted economic-stimulus package. The release of the funds, announced March 3 by President Obama, followed the Federal Highway Administration's formal apportionment the day before of $26.7 billion of that total among the states. Photo: Courtesy of the White House President Obama, flanked by Vice President Biden (l) and Transportation Secretary Ray LaHood, at U.S. DOT headquarters Mar. 3. Related Links: Obama Hails Beginning of New Construction In making the announcement at DOT's headquarters, Obama said, "I can say
Adjust to the new realities, give employees a cause to fight for and focus on opportunities. That�s how leaders of three design and construction companies described methods of fending off despair and rallying staffs during the financial crisis that has engulfed global economies and the construction industry. They joined other market sector leaders from industry, government and Wall Street to analyze current realities and optimize solutions at �Managing Construction�s Financial Crisis,� an ENR/McGraw-Hill Construction-sponsored conference in New York City Feb. 24-25. Photo: Richard Korman/ENR Siegel: When time are tough, great companies capture market share. Ira Levy, president of AECOM’s DMJM
The White House on Feb. 26 unveiled a $3.55-trillion budget outline for fiscal year 2010 that would boost funding for water infrastructure and transportation programs while aiming to cut the federal deficit in half by 2013. White House officials say the outline provides a broad framework for fiscal policy over the next 10 years. A more detailed budget proposal will be released in April. But the proposal is only the first step in a long legislative process. Months of hearings by appropriations and tax-writing committees will take place, followed by committee and floor votes. Final numbers for 2010 spending won�t
Declining construction and economic woes have knocked down residual values for used equipment, fueling an intense buyer’s market that culminated last month at the world’s largest machinery auction. More than 7,600 people from 75 countries jumped online or traveled to Florida as Ritchie Bros. held an unprecedented six-day sale of 8,300 lots, a 34% increase from last year. Despite the surge in machinery spread out over the 200-acre yard, the auction grossed only $184 million, a 3% decline over 2008, dragging down price averages 28% overall to $22,169. A higher number of smaller lots and a more diverse mix of
California was poised to lay off 10,000 employees and pull the plug on 275 transportation infrastructure projects when a divided Legislature in the early morning hours of Feb. 19 approved a new budget that plugs the state’s $41-billion deficit. However, the fiscal relief is temporary. The state is still teetering, and it could be several weeks before the Dept. of Finance’s cash-flow status is clear. Any positive effects of the $787-billion federal American Recovery and Reinvestment Act cannot be measured until President Barack Obama’s plan is put in place. Photo: AP/Wideworld California pols passed budget accord after a lockdown forced
With waves of bad news rolling in from Wall Street and Main Street, the Society of Marketing for Professional Services Foundation held a think tank to explore "The Upside of a Down Economy." Participants at the Feb. 20 conference in Atlanta found little in the way of an upside, but a panel of nine senior industry experts came away with a meaningful to-do list for firms hoping to cope—and even prosper—in an era of diminished opportunity. Photo: Matthew Finn Industry executives agreed stimulus package will have little impact on business. Related Links: View all economic stimulus headlines Top on that
An estimated $12.2 billion in federal stimulus funding will help Florida patch up some of the holes in its state budget and put thousands of Floridians to work. That was the message from Gov. Charlie Crist (R) when he hailed the passage of the federal stimulus bill in mid-February. He announced his $66.5-billion 2009-10 budget on Feb. 20. Photo: PB Americas Stimulus will fund design-build jobs like Jewfish Creek bridge in Key Largo. Related Links: View all economic stimulus headlines The stimulus will add some $4.7 billion in revenue for 2009-10, effectively reducing the budget cuts that had been widely
States across the country are moving rapidly to start turning their shares of newly approved economic stimulus money into construction contracts. States are in line to receive about $40 billion of the stimulus measure’s estimated $130 billion in construction-related funds. That state funding includes $26.8 billion for highways, $7.4 billion for transit, $3.9 billion for clean water state revolving funds, about $2 billion for drinking-water SRFs and $3.1 billion for state energy programs. Most of those funds will be distributed among states according to existing formulas. President Obama calls on governors to promote transparency when bidding work funded by the
After strongly criticizing President Obama’s $787-billion economic stimulus package, Texas Gov. Rick Perry (R) has agreed to accept all $17 billion of the state’s earmarked federal money. The big question now is where and when the money will be spent. Photo: CTRMA Texas stimulus project candidates include $130 million for an Austin interchange. Related Links: View all economic stimulus headlines The Texas Transportation Commission and the State Legislative Budget Board are both meeting to discuss how to distribute the monies and put Texans back to work, but it is unclear when plans for all specific projects will be announced. At
An estimated $12.2 billion in federal stimulus funding should help Florida shore up some of the holes in the state budget and put thousands of Floridians to work. The money will mostly fund transportation projects but is expected to do little for the buildings segment of the industry. Photo: Office of Gov. Charlie Crist Florida Gov. Charlie Crist broke with the Republican Party and promoted the adoption of the American Recovery and Reinvest Act of 2009. He�s shown here signing a document unrelated to the stimulus. Related Links: View all economic stimulus headlines Florida Gov. Charlie Crist (R) broke with
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