The AGC of America’s plan, “Build Now for the Future: A Blueprint for Economic Growth,” is designed to reverse predictions that construction activity will continue to shrink through 2010, crippling broader economic growth.
The mix of new incentives, tax cuts, policy revisions and infrastructure investments outlined in the plan are needed to stem the dramatic decline in construction activity and employment taking place nationwide, said Stephen Sandherr, the association's CEO. A new analysis of federal employment data conducted by the association found construction employment declined in 324 of 337 metropolitan areas between August 2008 and 2009.
Sandherr said the recovery plan's primary focus was on stimulating new private-sector construction activity, which accounts for 70 percent of the market. He said the plan calls for repealing the alternative minimum tax and increasing and extending a series of tax credits and cuts - including the net operating loss carry back and the 2001 and 2003 tax cuts - to boost investments in real estate development.