FOR IMMEDIATE RELEASE
December 9, 2008
Economic Stimulus Spending On Infrastructure Investments
The Right Course To Take To Improve Economy
Charleston, W.Va. – The Chairman of West Virginians for Better Transportation (WBT) is calling on the congressional leaders to support increased spending for transportation projects. “As our elected leaders in Washington wrestle with how to temper and ultimately resolve the continued economic and financial crisis in this country, one tried and true investment that should be considered at the top of the list is increased spending on our nation’s infrastructure,” said Joe Deneault, WVBT’s Chairman. “Federal Reserve Chairman Ben Bernanke, leading economists, financial experts, and now the Obama transition team, are calling on Congress to enact a major economic stimulus package, and this one, they say, should include significant public funds for important infrastructure projects.”
Deneault said Congress should move quickly to appropriate added federal dollars for infrastructure construction and repair projects, particularly those that can begin in short order. “Federal spending on infrastructure will have several immediate benefits – investing in bridge and highway projects will help sustain goods production and aid commerce, will increase the number of people working on construction projects and will support the purchase of commodities and services from companies in the U.S.”
With transportation funding beginning to decline in states, including West Virginia, Deneault said it is imperative that federal funding come to the rescue. “Now more than ever states need added federal funding for highway and bridge projects,” he added, “and to help maintain construction jobs and sustain economic activity.”
The nation’s construction industry plays a powerful role in sustaining economic growth, in addition to producing structures that add to our productivity and quality of life. According to data from the Associated General Contractors of America (AGC), construction provides good-paying jobs to about 7.3 million people. Construction also makes a large contribution to the nation’s gross domestic product (GDP), totaling $1.16 trillion in 2007.
Here in West Virginia, the AGC says the construction industry employs about 38,000 workers, about five percent of the state’s nonfarm workers. Added construction spending could create hundreds, if not thousands of new construction jobs and support increased spending in communities across our state.
“West Virginia’s infrastructure needs, particularly roads, bridges and highways, is enormous. The state has more than $20 billion in unmet needs, including many major highway projects in all regions across the state,” Deneault pointed out. “So, it is evident that spending more federal dollars on infrastructure not only will help to boost our economy and support new jobs, but also will preserve millions of other jobs dependent on construction spending.
“These federal funds also will serve as an investment in improving our nation’s aging infrastructure, enhancing the safety and well-being of the public, and provide added economic support to communities all across the nation,” Deneault continued. “Let’s act now and pursue this prudent strategy and wise investment.”
West Virginians for Better Transportation is a statewide coalition working to educate West Virginians about the importance of maintaining a safe and modern transportation infrastructure. The coalition includes more than 250 organizations, groups, government leaders and companies that recognize and value the importance of a good surface transportation system. The coalition is spearheading an education campaign, called “Keep West Virginia Moving,” designed to generate public awareness of the state transportation system and foster debate about the ability to meet current and future needs. For more information, please go to www.keepwvmoving.org.