Construction Jobs on the Line from Federal Highway Trust Fund Shortage
Is your degree related to construction? There is some good news and bad news. There are plenty of opportunities in the construction industry right now, and more positions are being added. So what is bad? The fact that the Federal Highway Trust fund may run out of money this summer which means construction jobs will suffer.
The above statement is made by a reputed contractor in the country which claims that employment in the construction industry has increased in 197 metropolitan areas in the past 12 months. What about the rest? In all those cities, construction jobs have yet to reach levels that were experienced before 2008 when the financial crisis hit.
An industry expert told the press that the current stats reveal the impact of the crisis of the industry and the manner in which all operations were affected. He added that this was why the federal funding had suffered from a lapse.
According to the US Department of Transportation, the Federal Highway Trust fund will use up all its finances before this fiscal year is over. When asked about an estimated time period, they said that it could be as soon as August, which is just three months away.
The Federal Highway Trust Fund can replenish its supply of money only when the Congress takes the matter into their own hands and add more money into it. If this is not done, all highway projects will come to a halt.
The main reason behind a lack of funds is the fact that gasoline taxes have remained the same ever since the year 1993. In all this time, inflation has climbed higher and higher, and there is not enough monetary support required for highway construction. Congress is already aware they need more funds, but they have yet to come up with a source.
In the year 2012, Congress took taxes on federal motor fuels and gathered funds worth $20 billion. A that time, they thought this much money was enough to last until 2014, but they were wrong, and the funds are being used up more rapidly.
A reputed industry expert told the press that if the issue is not solved, it could risk jobs of a million people, and they might end up losing their source of income.
Source: www.bizjournals.com