Wednesday, February 18, 2009

$787 billion stimulus package signed into law

President Barack Obama yesterday signed into law the massive $787 billion economic stimulus bill that he claimed will, among other things, rebuild the nation's crumbling infrastructure and schools.

ENR and the Associated General Contractors estimate that the package provides more than $130 billion in construction spending, with transportation receiving the largest share-- more than $49 billion, with $27.5 billion of that for highways.

High-speed rail received $9.3 billion in funding while school construction has no specified funding in the final package even though the original House bill had $20 billion and the original Senate bill had $19.5 billion, according to ENR. However, lawmakers did allow school modernization projects to be eligible for some of the $39.5 billion in "state fiscal stabilization" funds set aside for a range of educational purposes. It's up to local school districts to decide how much of their shares of that $39.5 billion would go for such uses as hiring or retaining teachers or for upgrading buildings, according to the ENR article.

For an analysis of how the stimulus bill will impact the AEC industry, check out The Obama Infrastructure Plan: A Supplement to PSMJ's 2009 AEC Firm U.S. Market Sector Forecast. Free with your order, you'll also receive PSMJ's Analysis of Economic Indicators for Markets Served by A/E Firms: 1st Quarter 2009. This report provides quantitative data on major market sectors AND the submarkets and regions that the North American A/E industry serves.


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