The President's position on infrastructure spending...
Highlights from the World of Concrete...
Caterpillar expects sales to stabilize in 2014...
Detroit calls for streetcar bids...
That and more on Construction News Tracker brought to you by Caterpillar and produced by ForConstructionPros.com.
Adopt tax reform and use the savings to fund infrastructure. That's what President Obama proposed in the State of the Union address. Closing tax loopholes and lowering business tax rates could result in the $20 billion needed to close the funding gap resulting from a lack of gas tax revenue.
At the Transportation Research Board meeting recently, federal DOT Chief Anthony Foxx used the occasion to call for a renewed effort to expand infrastructure funding. The DOT has posted a trust fund ticker graph on its website that shows the declining revenue available as the deadline nears without any new infusion of money as MAP 21 reaches its September 30 deadline.
Related to this is a report from the American Society of Civil Engineers that without an additional $157 billion in annual revenue for infrastructure the U.S. will experience a decline of 3.5 million jobs and over $3 trillion in GDP by 2020.
World of Concrete 2014 is over and there's much to focus on as ForConstructionPros Editor Larry Stewart reports. Portland Cement Association has issued a rosy economic forecast for the year. Watch Larry's interview with Chief Economist Ed Sullivan: PCA Forecasts Doubling of Cement-Consumption Growth in 2014
A reminder, Conexpo 2014 is just around the corner in early March, and we will live stream from the event in Las Vegas.
The U.S. Commerce Department estimated 428,000 new homes were sold in 2013 - 16 percent more than in 2012. Unusually harsh weather kept December sales 7 percent below the November pace. Housing demand is a key barometer for the nation's economy as well as construction jobs.
Caterpillar forecasts 2014 sales to equal 2013 at $56 billion. Cat sales dropped 16 percent more than $10 billion in 2013 largely due to a mining equipment sales slump. The company recently reported fourth quarter earnings were better than expected even with a 10 percent decline in sales. Caterpillar CEO Doug Oberhelman anticipates recovery for its mining segment in the near future.
Bidders wanted. That's the call from general contractor Stacy and Witbeck. Detroit construction of the M 1 3.3-mile streetcar line in the Motor City has the firm posting 30 bid packages for the $140 million project which it hopes to wrap up soon. Those interested can view the packages at stacywitbeck.app.box.com/m1rail
And we wrap up by saying the one who says it can't be done should never interrupt the one who is doing it.