AGC Unveils Construction Recovery Plan
October 2009
The Associated General Contractors of America unveiled a new plan today designed to revive the hardest hit sector of the economy, the nation's construction industry. The plan, "Build Now for the Future: A Blueprint for Economic Growth," is designed to reverse predictions that construction activity will continue to shrink through 2010, crippling broader economic growth.
Stephen Sanderr, the association's chief executive officer, explains that the mix of new incentives, tax cuts, policy revisions, and infrastructure investments outlined in the plan are needed to counter the dramatic decline in construction activity and employment taking place nationwide. He said the recovery plan's primary focus was on stimulating new private-sector construction activity, which accounts for 70 percent of the market.
The plan also calls for doubling federal investments in transportation infrastructure, renovating dated and inefficient federal facilities, and investing in clean water, flood control and navigation projects. It also calls for restoring the gas tax's lost purchasing power, encouraging more public-private partnerships, expanding the Build America bonds program and exempting construction activity from the private activity bond cap. He added that many of the infrastructure investments would be funded by increases in existing user fees, new trust funds, private investments, and new bonding authority. He noted studies have found that every billion dollars worth of nonresidential construction activity supports over 28,500 jobs, boosts gross domestic product by $3.4 billion and raises personal earnings by $1.1 billion.
Click here to view the complete story: AGC Unveils Construction Recovery Plan
