Update: 11/6/12 11:51 pm

It looks like it's over and President Obama has won re-election, thanks in part to his projected victories in upper Midwest states. In addition, the Senate will remain in Democrats' hands and the GOP will still control the House. Deja vu.

The Associated General Contractors of America appears to be the first construction group to issue a statement.

Brian Turmail, AGC executive director for public affairs, sent this statement via email about 11:35 pm:

It is clear that 2012 is turning out to be a status quo election, which will result in essentially no change in the balance of power.  It is also clear that President Obama will begin a second term with a number of tremendous challenges facing the country. 

We look forward to working with Congress and the Administration to address the challenges of the looming fiscal cliff, the need to set long-term tax rates and to address out-of-control entitlement spending that is strangling needed investments in infrastructure and other federal construction programs.

11/6/12 approx. 10:30 pm

It's about 10:30 Eastern time on Election Night and the Wall Street Journal is saying  Democrats will retain control of the Senate. Many media outlets are saying Republicans again will hold the majority in the House.

If the Congress remains divided, it raises the odds that bipartisan compromise will remain difficult. The most critical issue is finding a way to keep the economy from plunging over the "fiscal cliff" at the start of the new year.

The cliff is composed of tax breaks that expire Dec. 31 and mandatory spending cuts known as sequestration, which start to take hold Jan. 2. Some key construction programs would fall under the sequestration knife, including EPA water infrastructure.

I'm having trouble identifying the "hands across the aisle" lawmakers who could craft a deal to rescue the economy. A stopgap deal to push off the deadline seems a good bet.

The presidential race is still up in the air at this hour, with several hotly contested states too close to call, to use the phrase of the night.