The revised estimate for funding from the American Recovery and Reinvestment Act (ARRA) puts the total amount of dollars at $862 billion. The bulk of the funding was allocated for transportation, especially highways. However, government buildings and energy-efficiency projects, including lighting retrofits and new green lighting, were also awarded in 2009 and 2010. As a result, the impact of these projects on overall construction spending has been “more diffuse,” according to Robert Murray, VP of economic affairs for McGraw-Hill Construction, New York.
Although many of the projects have been awarded or completed, there are still a few sizable contracts coming up for bid. To learn about these awards and opportunities, visit www.fedbizopps.gov, the U.S. government website that tracks federal project activity related to ARRA funding.
Shocking Stat of the Month
Estimated time it will take to deplete the current supply of new single-family houses — measured in months — at the current sales rate. The seasonally adjusted estimate of new houses for sale at the end of September was 204,000.
Source: U.S. Census Bureau and the Department of Housing and Urban Development