The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement in reaction to the Coronavirus relief measure that passed the Senate late last night:
“The coronavirus relief measure the Senate passed last night will provide construction employers and employees with critically needed access to capital, expedited cash flow, worker benefit protection and critical tax relief, among other measures. These measures will provide construction firms and their employees with a needed lifeline to help them cope with a rapidly deteriorating business environment.
“Yet the industry will need additional measures from Congress over the coming weeks to recover from the many economic impacts of the coronavirus pandemic. Specifically, Congress must provide financial compensation for losses incurred on federally funded projects because of COVID-19 related delays and cancellations. Congress also needs to increase investments in infrastructure and pass needed multi-year funding measures for surface transportation and waterways. And Congress must act to protect the retirement and health plans of millions of construction workers who participate in multi-employer pension programs.
“Congress has provided the industry with a much-needed lifeline that will help firms and workers over the coming days and weeks. But the industry will not be able to truly recover until federal officials pass measures designed to stimulate new demand for construction, make contractors whole for losses incurred because of the coronavirus and protect employee retirement and health plans. That is why this association and its 27,000 member firms will continue to work with Washington officials as we transition from immediate relief to long-term recovery.”
Related Stories
Architects | Jul 20, 2016
AIA: Architecture Billings Index remains on solid footing
The June ABI score was down from May, but the figure was positive for the fifth consecutive month.
Market Data | Jul 7, 2016
Airbnb alleged to worsen housing crunch in New York City
Allegedly removing thousands of housing units from market, driving up rents.
Market Data | Jul 6, 2016
Construction spending falls 0.8% from April to May
The private and public sectors have a combined estimated seasonally adjusted annual rate of $1.14 trillion.
Market Data | Jul 6, 2016
A thriving economy and influx of businesses spur construction in downtown Seattle
Development investment is twice what it was five years ago.
Multifamily Housing | Jul 5, 2016
Apartments continue to shrink, rents continue to rise
Latest survey by RENTCafé tracks size changes in 95 metros.
Multifamily Housing | Jun 22, 2016
Can multifamily construction keep up with projected demand?
The Joint Center for Housing Studies’ latest disection of America’s housing market finds moderate- and low-priced rentals in short supply.
Contractors | Jun 21, 2016
Bigness counts when it comes to construction backlogs
Large companies that can attract talent are better able to commit to more work, according to a national trade group for builders and contractors.
Market Data | Jun 14, 2016
Transwestern: Market fundamentals and global stimulus driving economic growth
A new report from commercial real estate firm Transwestern indicates steady progress for the U.S. economy. Consistent job gains, wage growth, and consumer spending have offset declining corporate profits, and global stimulus plans appear to be effective.
Market Data | Jun 7, 2016
Global construction disputes took longer to resolve in 2015
The good news: the length and value of disputes in the U.S. fell last year, according to latest Arcadis report.
Market Data | Jun 3, 2016
JLL report: Retail renovation drives construction growth in 2016
Retail construction projects were up nearly 25% year-over-year, and the industrial and office construction sectors fared well, too. Economic uncertainty looms over everything, however.