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THE US Department of Transportation has released US$7 billion in funds from the 2009 American Recovery and Reinvestment Act (ARRA) in the first nine months of 2011 from a total stimulus injection of $31.8 billion over the two and a half years.
The release of $48.1 billion from ARRA funds for transportation funding from the president's 2009 stimulus programme was initially criticised because funds were not being used to create jobs.
But into 2010/2011, Federal Highway Administration funds backed 13,300 transportation projects of which over half are finished and another 3,900 are under way which has locked down $47.6 billion from ARRA funds.
Although stimulus funds from the ARRA have slowed in 2011, the summer picked up with road and other transportation construction costing $3.2 billion over three months beginning in June and $700 million has been spent since the September.
The latest transportation programme will be rolled out to revive construction and to boost jobs. Senate and House will look to create a long-term surface transportation bill to increase revenue also, reports Newark's Journal of Commerce.
(Source:http://www.shippingonline.cn/news/newsList.asp?classname=News) |