Industry officials say the president’s plan to cut back on Dept. of Defense spending, while short on details, is likely to mean cuts in military construction programs. But they say the reductions are not unexpected, given the nation’s tepid economy and huge national debt.Defense Secretary Leon Panetta and President Obama announced the DOD’s new budget strategy on Jan. 5 at the Pentagon. The comprehensive defense review was conducted as a result of the enactment of the Budget Control Act of 2011, which, among other things, requires the DOD reduce spending by $465 billion over 10 years.Obama said the strategy “will
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.