Decision to Extend Paycheck Protection Program Loan Return Deadline to May 14 Helps, But Clarifications Still Needed, Says AGC

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Construction Official Urges Treasury Department to Clarify Recent, Confusing, Guidance that is Prompting Many Construction Firms to Return Loans, Cut Staff Instead of Risking Prosecution The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement in reaction to the Treasury Department’s announcement that it will extend the…

Nonresidential Construction Spending Declines in March as Pandemic Halts Projects, Says AGC

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Treasury Department’s Recent Changes to Paycheck Protection Program Loan Guidance Are Making It Even Harder for Firms to Maintain Jobs Amid Declining Private-Sector Demand for Construction Numerous impediments to completing construction projects led to declines in most categories of private construction spending in March, according to an analysis by the Associated General Contractors of America…

Builder Confidence in the 55+ Housing Market Drops Significantly in First Quarter on Coronavirus Pandemic Concerns

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Builder confidence in the single-family 55+ housing market dropped 30 points to 38 in the first quarter, according to the National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI). This is the lowest reading since the fourth quarter of 2012. The 55+ HMI measures two segments of the 55+ housing market: single-family homes…

Paycheck Protection Program Is Allowing Construction Firms to Add and Retain Employees Despite Declining Demand, New AGC Survey Finds

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Nearly Half of Firms Have Received Loans, But Growing Number of Project Cancellations, Delays and Delivery Problems Imperil Industry A large share of construction firms promptly received loan funds under the new Paycheck Protection Program, enabling many of them to hire or retain employees despite a surge in project cancellations, according to a survey released…