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
Traffic in Dubai is still nightmarish by most standards, but it is starting to lighten as foreign professionals leave the country amid layoffs and cancelled or halted construction projects. “There is no question that Dubai has slowed down,” says one American architect working in the region. “Everyone is seeing the impacts of the global crisis now.” Photo: Michael Goodman/ENR Slowing down: A transportation hub being built in 2006 in a Dubai traffic circle. Related Links: Destination Dubai: The Mideast’s Boom So dramatically has the crisis hit in the United Arab Emirate that new urban legends have sprouted, replacing previous tales
The dollar value of all new construction starts declined 15% in 2008, according to McGraw-Hill Construction’s year-end tally of the market, which it estimated reached $542.83 billion last year. The entire decline can be tied to the 39% drop in the value of residential building starts. The nonresidential building market ended the year with a 1% increase, while nonbuilding construction rose 4% last year. But nonresidential building was skewed by four massive oil refineries that were started last year. If those projects were excluded, the nonresidential market would have declined by 5% last year, says Robert Murray, MHC’s chief economist.
President Barack Obama, speaking before signing his historic stimulus measure in Denver, proclaimed it to be the “largest investment in our infrastructure since Eisenhower built the interstate highway system.” That may be so, but with most of the stimulus directed toward infrastructure, the news isn’t uniformly good. Just minutes before Obama spoke, Blake Jones, CEO of Namaste Solar Electric Inc., said “thousands of electricians and plumbers and carpenters...that have been laid off should consider joining us in the solar industry.” The increase in roads will be moderate, the falloff in nonpublic buildings steep. Those comments suggested the diverging fortunes of
The waiting went on and on as anxious construction industry and state officials watched for months for glimmers of progress in Washington on a bill that they hoped would ease the recession’s tightening grip. On Feb. 17, the long wait ended as President Obama traveled to Denver and signed what he called "the most sweeping economic recovery package in our history," the $787.2-billion American Recovery and Reinvestment Photo: AP/Wideworld Obama at the Denver Museum of Nature & Science with its solar energy. Related Links: View ENR.com Coverage of Economic Stimulus View Complete Economic Stimulus Special Section AP/Wideworld Obama signs the