As lawmakers on Capitol Hill talk about what they want and don’t want to see in an expected economic stimulus package, President-elect Barack Obama is urging them to act as quickly as possible on his still-developing proposal. Obama cautions that if legislators delay, the crisis will only get worse. As markets watch, President-elect says proposal will include tax cuts and spending. “For every day we wait or point fingers or drag our feet, more Americans will lose their jobs,” Obama warned in a Jan. 8 speech. “And our nation will sink deeper into a crisis that, at some point, we
With uncertainty in the air about how rapidly Congress will move on an economic stimulus package, President-elect Barack Obama urged lawmakers to act as quickly as possible on his still-developing plan, warning that if they do not, the current crisis will only worsen. Photo: AP/Wideworld President-elect Obama presses for stimulus. In a Jan. 8 speech at George Mason University in Virginia, Obama fleshed out some of the elements of the developing plan in more detail than he has so far, and reiterated that it would include aid for highways, school repairs, modernization of federal buildings and a boost for alternative
New construction starts in November fell 3% from the previous month, according to McGraw-Hill Construction, of which ENR is a unit. Through the first 11 months of 2008, total construction was down 16% from the same period a year ago, with virtually all the decline being attributed to a 39% drop in residential construction. If housing is excluded from the figures, new construction starts during this period were up a slight 1% over 2007. “The steep correction for housing has been under way for three straight years now, and a fourth year of decline is anticipated for 2009,” says Robert
New Mexico’s engineers and contractors are ready to expedite the bidding of $1.2 billion worth of construction projects in the wake of an economic stimulus package. Mike Gibson, executive director of the Associated Contractors of New Mexico, believes the national focus on infrastructure could also stimulate New Mexico’s Legislature to allow design-build, Construction Manager-At-Risk and other alternative project delivery methods in 2009. Related Links: New Mexico Projects Questions Swirl On Stimulus Plan �Ready to Go� May Be The Stimulus Ticket “Some concerns of industry leaders are that all 50 states will be competing for resources to deliver their respective lists
The Colorado Dept. of Transportation has included 116 road and bridge projects totaling $1.166 billion on its sample list of ready-to-go highway projects awaiting a possible federal transportation stimulus bill. With the exception of a $210-million request for full reconstruction of a major freeway interchange north of Denver, most of the list includes smaller paving and bridge maintenance projects averaging a few million dollars each. Related Links: Colorado Projects Questions Swirl On Stimulus Plan �Ready to Go� May Be The Stimulus Ticket That list does not include CDOT’s requests for an additional $113.1 million for aviation projects, mostly improvements to
From the Panhandle to the Florida Keys, Floridians could see highway projects expedited and construction workers on the job if the stimulus package becomes a reality. Related Links: Florida Projects Questions Swirl On Stimulus Plan �Ready to Go� May Be The Stimulus Ticket The Florida Dept. of Transportation has nearly $7 billion worth of projects that could start within 90 to 120 days, Gov. Charlie Crist (R) told President-elect Barack Obama in a letter dated Dec. 2. “This infusion of federal support could provide $39 billion in economic benefits and create an additional 195,000 jobs,” Crist wrote. Bob Burleson, president
In Georgia, transportation contractors have been feeling the pinch as the state DOT�s Fast Forward bonding program winds down. The state�s $3.4-billion wish list in anticipation of an economic stimulus program could brighten their outlooks somewhat. It includes more than $2.2 billion in state roadway contracts, including those for maintenance. Related Links: Georgia Projects Questions Swirl On Stimulus Plan �Ready to Go� May Be The Stimulus Ticket Transit received considerable attention from the state Dept. of Transportation when assembling the list. The Metropolitan Atlanta Rapid Transit Authority has about $1.1 billion in contracts that are good-to-go, and an additional $62
When Caterpillar Inc.’s run of record sales and profits is over for the foreseeable future, you know the world’s economic condition is in bad shape. Contractors are hitting the auctions and used-equipment lots. For less-fortunate businesses, it’s liquidation time. Prices are plummeting, and producers are hunkering down. Photo: Hyundai Lifting market still has legs, suppliers say. Photo: Hyundai Hyundai’s 9 Series bids to move up. 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
The U.S. financial crisis spread rapidly to the rest of the world during the second half of the year, slowing the global economy and rolling back construction inflation in Europe, Asia, the Middle East and North America. In particular, the economic slowdown in China has taken away one of the main drivers of global construction inflation as China’s once voracious appetite for raw materials evaporates. 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
After several years of unprecedented demand and annual double-digit increases, costs for basic construction materials in the Middle East hit a major market barrier this fall. Whether the correction is short-lived or continues through 2009 or even 2010 is an open question, according to analysts. (Click to Enlarge Image) Sources: Rider Levett Bucknall. Percent Change Is From Peak 2008 Price To November 2008. Prices Are For The U.A.E. 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
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