Chief AGC economist Ken Simonson: Construction outlook is grim - Business Courier of Cincinnati:

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But the federal stimulus money will help cushionthe blow, especialluy in construction projects tied to the energy transportation and military bases, Ken Simonson, chiegf economist for the , told memberz of the in Tampa. “It will deliver more construction moneythan we’v ever seen in one federal bill,” Simonson said of the $787 billionj American Reinvestment and Recovery Act. Florida has been especiallyh hard hit with the loss ofconstruction jobs, Simonson He cautioned there are strings attached to stimulus For instance, contractors will be required to pay union wagexs to workers on projects involving stimulus funding, even those on the stats and local level.
The governmentt has enforced that requiremeny on federal construction projects sincethe 1930s. The bill also requiresw contractors to purchase American made productsfor stimulus-fundedr projects. Much uncertainty surrounds what that requirement really meansafor contractors, Simonson said. There was a brightr spot in the economist’s Residential real estate salesa arepicking up. In the Tampaa Bay area, home sales increased 25 percent in thefirstg quarter, even though prices were markedly Simonson said.
For the economy to rebound, government must fix the housing markeg and thecredit system, he Following the meltdown of the capita l markets last fall, banks slammed windows shut on and others’ hands as they reached for cash from he said. When asked whether the stimulus fundiny will be enough to make theeconomyu sustainable, he said, “We don’t have any precedent for answeringv that.” There are talks of anothed round of stimulus funding, he But the bill signed by Presideng Obama earlier this year will not be fullg disbursed for several years.