The Associated General Contractors of America (AGC), the nation's largest commercial construction association, today urged Congress to support the bipartisan Emergency Economic Stabilization Act of 2008 (EESA). The legislative proposal, on which the House, Senate and Administration worked collaboratively, would restore liquidity, stability and confidence in the financial markets and restore credit to finance worthy construction projects.
"The EESA will spare the $1 trillion construction industry from postponing important projects, deferring equipment purchases and laying off employees," said Stephen E. Sandherr, chief executive officer of AGC. "AGC members and Chapters across the country are urging Congress to take this decisive action. From a construction industry point of view, this legislation is the best strategy to ensure growth and job creation."
Many small businesses in the construction industry say they have been impacted by the credit crunch, and some directly blame the frozen credit markets for closing their doors. When credit is frozen, hometown banks back away from new loans. It doesn't matter how many future orders a small business receives if it can't get a loan to continue to operate, according to the AGC.
Contractors mobilize in support of $700 billion government bailout
