AGC President Mattingly Testifies on HB-553

Posted: Tuesday, February 23, 2010
Blog: Competitive Edge

House Bill 553 sponsored by House Economic Development Committee Chair Rep. Palumbo of Lexington would establish a revolving construction loan fund for commercial building construction projects guaranteeing up to 25% of the cost of the project not to exceed $2 million on any single project.

 

In their testimony before the committee both AGC of Kentucky President Paul Mattingly and AIA Kentucky President Alvin Cox described the great difficulties facing the construction industry today and the importance of working together on behalf of our members.

 

President Mattingly noted, "During 2009 Kentucky's construction industry experienced a job loss (seasonally adjusted) of over 13,000 workers. In January of 2010 nearly 75,000 construction workers nationally lost their jobs according to federal unemployment figures as the construction unemployment rate jumped to 24.7%."

 

President Cox testified "This situation not only affects our members but the state as a whole. AIA Kentucky is very concerned about this issue and after discussing the matter with our friends at AGC we began looking for solutions."

 

While House Bill 553 will not solve the whole problem it will send a powerful signal that Kentucky plans to be aggressive in fighting it's way back to economic health.

 

The legislation passed the committee unanimously.

 

Please take a moment and call the message line at 1-800-372-7181 and thank Rep. Palumbo for her support of AGC and Kentucky's construction industry.

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