Most Clicked AGC SmartBrief Stories
1. Most states continue to shed construction jobs
AGC SmartBrief | Nov 23, 2009
Most states continued to shed construction jobs in October, according to a report by the Associated General Contractors of America. "A shockingly large portion of the construction industry's workforce has simply evaporated," notes Ken Simonson, AGC chief economist. The five states leading the losses are: Nevada, Arizona, Tennessee, Kentucky and Connecticut. American City Business Journals (11/20) Finance and Commerce (Minneapolis) (11/20)
2. Citigroup must fund Destiny project, court rules
AGC SmartBrief | Nov 18, 2009
Citigroup must continue to fund a $155 million construction loan on the Destiny USA Holdings project, says a ruling by the New York State Supreme Court Appellate Division. However, the court also ruled that Destiny must post a $15 million bond before the bank must fund the remainder of the project. The appellate court's ruling affirmed a decision by a lower court. Observers say the decision may prompt banks to reconsider how they structure construction loan agreements. Wall Street Journal, The (11/18)
3. Indiana gets first fiberglass bridge
AGC SmartBrief | Nov 19, 2009
Sugar Creek, near Colburn, Ind., is to get an innovative bridge built with fiberglass beams and a polymer composite decking. The $600,000 project should be virtually immune to corrosion from weather or traffic and is expected to last 75 to 100 years without maintenance. WLFI-TV (West Lafayette, Ind.) (11/18)
4. Judge rules against Corps of Engineers in Hurricane Katrina case
AGC SmartBrief | Nov 19, 2009
A federal judge on Wednesday found the Army Corps of Engineers' poor design, construction and maintenance of a major navigation channel caused severe flooding after the storm. The judge awarded $719,698 in damages to four New Orleans residents and one business. Observers say the ruling by U.S. District Judge Stanwood Duval will support claims made by 100,000 residents and businesses. As a result, the federal government may be vulnerable to billions in claims. Seattle Times, The (11/18) Bloomberg (11/19) New York Times, The (11/18)
5. Road builders expect challenges in 2010
AGC SmartBrief | Nov 24, 2009
Companies that build roads expect to postpone equipment purchases and lay off workers next year, according to a recent survey. Stimulus funds have helped the industry, Associated General Contractors Chief Economist Ken Simonson said. However, he said the nation needs a long-term strategy for investing in roads, bridges and other infrastructure. Columbus Dispatch (Ohio), The (11/23)
6. Companies will build U.S. turbine factory
AGC SmartBrief | Nov 18, 2009
New York Times, The (11/17)
7. States could face 30% drop in highway construction funding
AGC SmartBrief | Nov 19, 2009
States could face a 30% decline in highway- and transit-construction funding because of budget rules unless lawmakers take action and pass a long-term spending bill, a Department of Transportation official said. House and Senate lawmakers are still at odds on a six-month extension of the current transportation-funding law. Meanwhile, Roy Kienitz, undersecretary of policy for the DOT, estimates that the highway trust fund that finances state projects has the ability to provide uninterrupted funding through the summer of 2010. Bond Buyer (free content), The (11/19) Wall Street Journal, The (11/18)
8. Six bridges collapse in U.K. county
AGC SmartBrief | Nov 23, 2009
Severe flooding caused six bridges to collapse in the English county of Cumbria, prompting officials to order a safety review of all of the county's 1,800 bridges. Meanwhile, 16 bridges and 25 roads are closed. Engineers and contractors are now determining the best way to repair the Calva Bridge, which connects the two sides of the town of Workington but has been condemned. BBC (11/22) ClipSyndicate (11/22) Times (London), The (11/22)
9. Icahn's $155M bid for Fontainebleau tops Penn National's
AGC SmartBrief | Nov 24, 2009
Financier Carl Icahn on Monday placed a starting bid of $155 million for the Fontainebleau project in Las Vegas. Icahn's bid, which includes debtor-in-possession financing, surpassed an earlier bid by Penn National Gaming. If he successfully purchases the property, he may partner with another company to complete construction. Analysts say it may take billions to finish construction of the Fontainebleau. Las Vegas Review-Journal (11/24) Reuters (11/23) Wall Street Journal, The (11/24)
10. Report: Green construction will create 7.9M jobs
AGC SmartBrief | Nov 23, 2009
A new report released by the United States Green Building Council predicts that green construction will create 7.9 million jobs and add $554 billion to U.S. gross domestic product over the next four years. Green construction spending supported more than 2.4 million jobs from 2000 to 2008, according to the report. New York Times, The (11/20)
Sign up for AGC SmartBrief
Latest Blog Postsview more
Companies in the news
- Aecom Technology Corp.
- Bechtel
- Daewoo Engineering & Construction Co.
- Financial Federal Corp.
- Fox Associates
- Hochtief AG
- Israel Investments Ltd.
- James Hardie Industries