New office construction is down nationwide and empty manufacturing space is near all-time highs. Contractors are expecting a construction slowdown in 2003 due to decreased demand as manufacturers and high-tech companies cut jobs, a report says.
The current transportation legislation expires in September and industry officials hope the next public works funding bill will be even stronger. "We can still make the case that you don't solve congestion and mobility issues without increased investment," Associated General Contractors CEO Stephen E. Sandherr said.
U.S. District Judge John Martin denied Allianz Insurance's request that the terrorist attacks be considered one incident instead of two. The company is one of several that insured the World Trade Center towers.
The Federal Reserve yesterday decided to keep interest rates unchanged and some analysts think the trend will continue through the fall. A prolonged war or continued rise in energy prices could prompt lower rates.