On Dec. 19, the Senate passed many non-funding AGC-backed measures as part of the agreement reached to fund the federal government through the remainder of fiscal year (FY) 2020. This measure is expected to become law, pending the President’s signature. This legislation extends authorization for the Terrorism Risk Insurance Program (TRIA) for seven years, as well as the National Flood Insurance Program for one year. These programs provide an important government backstop for natural and man-made disasters that would otherwise prevent commercial construction projects from moving forward. Additionally, this bill addresses many priorities in the tax, healthcare, and retirement space.
For the eleventh year in a row, AGC of America has been named as one of the nation’s top lobbying operations by Capitol Hill newspaper The Hill. The publication’s annual ranking of top lobbyists lists AGC CEO Steve Sandherr as a top lobbyist. Sandherr said the listing is a really an acknowledgement of the quality of the association’s government relations team, noting that the team secured $7.6 billion in federal highway funding that Congress had planned to cut, a disaster aid package with billions of dollars dedicated to rebuilding impacted communities, and regulatory reforms to lower the bureaucratic burden on the industry, among other accomplishments this year.
On Nov. 19, the House passed AGC-backed legislation to reauthorize the Terrorism Risk Insurance Act (TRIA) for seven years. With private insurers pulling out of the marketplace after the Sept. 11, 2001 attacks, the inability of insurance policyholders to secure terrorism risk insurance contributed to a paralysis in the economy, especially in the construction and real estate finance sectors. Since its initial enactment in 2002, TRIA has served as a vital public-private risk sharing mechanism, ensuring that private terrorism risk insurance coverage remains available at virtually no cost to the taxpayer. The Senate will next consider the legislation, where AGC will continue to press for its passage.
This week, AGC joined a group of 59 trade groups to call on Congressional leaders to pass legislation extending a number of tax provisions that have either recently expired or are set to expire at the end of the year (commonly called the “tax extenders”). The letter calls for extending these provisions through at least 2020.
Associated General Contractors of America Selected the Kentucky Senator for His Work Overseeing Comprehensive Tax Reform, Eliminating Regulatory Barriers, Approving Pro-Employment Judges and Supporting Key Projects
Construction spending was unchanged from March to April, with mixed results by project type for the month and for the year to date, according to an analysis today by the Associated General Contractors of America of new federal spending data. Association officials warned that tariffs and countermeasures by U.S. trading partners are adding costs and uncertainty to construction projects and are potentially reducing demand for numerous types of projects.
Construction spending hit a seasonally adjusted annual rate of $1.329 trillion and grew 5.5 percent for nine months of 2018 combined, with continued year-to-date gains for major public and private categories, according to an analysis of new government data by the Associated General Contractors of America. Association officials said that while demand for construction should remain strong for the next several months, the construction sector could be impacted by new trade tariffs, continues workforce shortages and higher interest rates.
Construction employment increased in 278 out of 358 metro areas between September 2017 and September 2018, declined in 42 and was unchanged in 38, according to a new analysis of federal employment data released today by the Associated General Contractors of America. Association officials noted that construction employment is growing in most parts of the country as firms expand to keep pace with growing demand for construction.
Prices for goods and services used in construction climbed 6.2 percent over the past year, intensifying a cost squeeze on contractors coping with widespread labor shortages, according to an analysis by the Associated General Contractors of America of new Labor Department data. Association officials noted that the cost increases come as many construction firms are already grappling with the impacts of labor shortages and the prospect of further tariffs on key materials.
Construction costs accelerated again in June