- US Rep. James Oberstar recently announced that approximately 50% of the transportation stimulus funds have been committed.
- He notes that this created 280,000 direct jobs and kept 890,000 indirect employed.
- I still find this to be too slow, given the hit that the AEC industry has taken.
I wish I had seen this press release before this morning’s blog, so just a quick follow up. According to Rep. James Oberstar, the Minnesota Democrat who chairs the House of Representatives Transportation and Infrastructure Committee, 24,000 miles of roads are being improved and 1,100 bridge repairs made. This represents about $64 billion, which is approximately half of the funds available. Too slow in my opinion.
In the summer of 2008, the American Association of State Highway and Transportation Officials said that one in four of the country’s 590,000 bridges were deficient. That would be 147,500 vs. the 1,100 being repaired. Quite a difference.
As far as jobs go Oberstar said the stimulus transportation elements have created 280,000 direct, on-project jobs, and that when indirect and induced jobs are added to the mix, they kept 890,000 people employed. With 4 million jobs lost in the US economy, this also seems much too small an impact, especially when you look at the loss of construction jobs.