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AGC: Proposed infrastructure investments to help create 1.85 million jobs in two years

Post Time:Nov 12,2013Classify:Industry NewsView:109

New proposed infrastructure and public building investments will create or support almost 2 million jobs throughout the entire economy in part because of the economic slowdown and massive construction lay offs that have occurred, said Stephen Fuller, George Mason University economist, according to a Jan. 22 AGC release.Fuller, who made the arguments during Congressional testimony today on behalf of the Associated General Contractors of America, noted that the current stimulus plan’s proposed infrastructure investments would create or support more than 1.85 million new jobs between now and the end of 2010. He said that would include more than 620,000 construction jobs, 300,000 jobs in supplying industries and 930,000 jobs throughout the broader economy, according to the release.“The sharp decline in construction employment and activity we have seen over the past two years mean that the sector has plenty of capacity to quickly take on new projects,” Fuller told the House Committee on Transportation and Infrastructure, according to the release. “Two years ago these kinds of investments might have trickled out the door, but in today’s climate, they are going to flood out into the economy.”In addition to the statutory spending deadlines being considered, the new infrastructure investments would flow quickly because an unusually high number of companies and workers are available to begin work immediately, Fuller said.The construction industry has plenty of capacity to handle the range of infrastructure projects being considered in the stimulus legislation, Fuller said. The planned infrastructure funding would account for approximately 9 percent of current construction funding nationwide at a time when construction output is down 14 percent and employment in the constructions sector, he said in the release. Fuller also argued that at the current rate being considered, these new infrastructure investments could easily be handled by the construction sector. “The sums are far less than the available capacity of the construction industries, especially since the Act would spread investment across many types of structures,” he added. “There is sufficient capacity to absorb the added demand.”View Fuller’s testimony here.

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