ABC May 18 emphasized that increasing access to capital for construction contractors should be a top priority for Congress as they consider ways to improve the nation’s employment situation. ABC’s position was submitted in a letter to members of the House Committee on Financial Services in reference to the committee hearing titled, “Initiatives to Promote Small Business Lending, Jobs and Economic Growth.”
In the letter, addressed to Chairman Rep. Barney Frank (D-Mass.), and Ranking Member Rep. Spencer Bachus (R-Ala.), ABC pointed out that the unemployment rate in the construction industry is at 21.8 percent and many ABC members have viable low-risk projects/contracts that simply need funding in order for work to begin. ABC noted that an increase in small business lending would encourage small construction firms to invest in the economy by hiring additional employees and purchasing new equipment or facilities.
“ABC members large and small are eager to take the lead in stimulating economic growth and spurring job creation,” ABC stated in the letter. “Implementing ABC’s recommendations will help revive the economy and increase jobs for the men and women in the construction industry.”
In addition to the letter, ABC earlier this year created a
2010 Job Creation Proposal, a wide-ranging package of recommendations that will help stimulate the construction industry and put Americans back to work. In addition to increasing access to capital, the Job Creation Proposal recommends: eliminating uncertainty in the business environment by focusing on free enterprise initiatives and open competition instead of anti-business legislative and regulatory proposals; providing meaningful tax relief and reducing the tax burden on hardworking Americans and small businesses; enacting a national comprehensive energy plan that includes new construction and upgrades to the nation’s insufficient and crumbling infrastructure; allowing the entire construction workforce to participate in federally funded or assisted projects; and supporting construction training programs that attract new skilled workers.