Construction industry firms, hit by the recession, are searching feverishly for more details on which infrastructure projects might be funded in the eagerly expected economic stimulus package. Highways have been a particularly hot topic, partly because President-elect Barack Obama has mentioned that sector prominently and partly because the segment is so large. Stimulus Plan State-By-State Reports Related Links: �Ready to Go� May Be The Stimulus Ticket Interest in the stimulus is “huge,” says Brian Deery, senior director of the Associated General Contractors’ highway and transportation division. “I’m getting calls all the time,” from firms and AGC chapters. It’s no wonder
Although the U.S. credit crisis has spread north of the border, Canada’s tighter regulations and healthy financial system are insulating it from the more severe repercussions seen in the U.S. However, Canada cannot shield itself from the growing recession in the U.S. (Click to Enlarge Image) Source: Statistics canada; percent change from year-to-year Canadian Materials Cost Trends Related Links: Credit Cancer Kills Prospects for Recession-Proof Global Economy Global Financial Crisis and Recession Is Knocking Down Inflation Worldwide Even Overheated Gulf Market Moves Into a Slump in a Changing Economy Prices Go Awry Amid Shifting Markets Downturn in China Leads Retreat
The depressed housing market and growing weakness in the nonresidential and public works sectors is starting to have a major impact on labor markets. In November, the U.S. Bureau of Labor Statistics announced that construction’s unemployment rate had soared to 12.7%. This marks a steady climb from 8.0% in July through 10.8% in October. The November 2008 unemployment rate is more than double last year’s rate and is way above the low of 4.5% record in November 2006. The current 12.7% unemployment rate means that in November 1.237 million blue- and white-collar workers were out of work. The unemployment rate
The Arizona Dept. of Transportation has identified over $1.2 billion in projects that would be ready to go in under 180 days if they were funded by a proposed federal economic recovery package. Projects include the 7-mile, $146-million Loop 303 from Lake Pleasant Road to Interstate 17, the $50-million widening of I-10 from I-8 to State Route 87, and the $50-million Cordes Junction Traffic Interchange on I-17, which would include a construction-manager-at-risk contract. Related Links: Arizona Projects Questions Swirl On Stimulus Plan �Ready to Go� May Be The Stimulus Ticket “We have critical needs in our state and can quickly
The Arkansas State Highway and Transportation Dept. says its $1.1 billion worth of ready-to-go projects is a result of a historic �short end of the stick.� Some of the projects have been waiting for funding since 1999. Related Links: Questions Swirl On Stimulus Plan �Ready to Go� May Be The Stimulus Ticket “If we’re near the top of this list, that just means we’re near the bottom of the list of states having the money for building these projects,” says ASHTD spokesman Glenn Bolick. “We passed a $1-billion interstate rehabilitation program in 1999, then ran out of money about five
The fiscal picture has grown worse for many states, according to a survey from the National Governors Association and National Association of State Budget Officers. The report, released Dec. 15, says that because of the ailing national economy, cumulative state operating spending is projected to fall in fiscal 2009, by 0.1%, the first spending decrease since 1983. The study, NGA and NASBO's biannual Fiscal Survey of States, also says that since their 2009 fiscal year started on July 1, 31 states have reported that they face budget shortfalls totaling $29.7 billion. The report focuses on states' operating budgets, but revenue
Congress has cleared pension legislation that would provide temporary relief for single-employer and multi-employer pension funds, as well as individual retirees, who have seen their funds decline because of the downturn in the financial markets. Final congressional approval came Dec. 11 when the Senate passed the measure by unanimous consent. The House had approved the bill the previous day. Mark Ayers, president of the AFL-CIO's Building and Construction Trades Dept., said in a letter to state and local BCTD leaders that the legislation "would provide funding relief for the vast majority of building trades' multiemployer plans...which, like most pension plans,
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