News Briefs - Dec. 1
The Latest Headlines:
- Construction Spending Unchanged in October
- N.J. Proposes Adding More Truck Lanes to Turnpike
- Personal Spending Rises Again in October
- Economic Group Cuts Growth Forecast Due to High Oil Prices
- Future of I-69 Extension Unclear
- N.J. Proposes Adding More Truck Lanes to Turnpike
Construction Spending Unchanged in October
Construction spending in the United States was unchanged at $1.01 trillion in October, its highest level ever, the Commerce Department reported Wednesday.The report said that a decline in homebuilding was offset by increased government spending on streets and highways. Spending rose by a revised 0.1% in September.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials. Spending topped the trillion-dollar mark for the first time in July.
N.J. Proposes Adding More Truck Lanes to Turnpike
Acting New Jersey Gov. Richard Codey on Wednesday proposed the first significant expansion of the New Jersey Turnpike in 20 years, news services reported.The $1.3 billion project would add additional truck lanes in both directions between Exit 8A in Jamesburg and Exit 6, where the highway connects with the Pennsylvania Turnpike, the New York Times reported. About 120,000 vehicles a day pass through the 21-mile stretch of roadway.
However, trucking officials said the proposal would likely to require increases in highway tolls and possibly an increase in the state fuel tax.
But Gail Toth, a spokesman for the New Jersey Motor Truck Association, said the industry was willing to pay increased tolls and even higher fuel taxes, so long as they were "properly phased in," according to the Times. Transport Topics
Personal Spending Rises Again in October
The Commerce Department said Wednesday that personal spending rose 0.7% in October after increasing 0.6% the month before, marking the first back-to-back increase in five months.The report said consumer spent more on higher-priced gasoline and services. Commerce also said incomes rose 0.6% after rising 0.2% in September.
The personal savings rate was 0.2% in October, the lowest since October 2001, compared with 0.3% a month earlier. The indicator weighs current income from wages, salaries, businesses and government payments against spending. Transport Topics
Economic Group Cuts Growth Forecast Due to High Oil Prices
The Organization for Economic Cooperation and Development on Tuesday cut its 2005 economic growth forecast for many major economies around the world, the Associated Press reported.The group blamed the increase in oil prices and the slide in the American dollar as reasons for the cut.
The Paris-based economic think tank trimmed its growth predictions the United States to 3.3% from 3.7%. It also said in a statement an additional rise in oil prices could "bear disproportionately on Continental Europe, where growth is still over-reliant on exports." Transport Topics
Future of I-69 Extension Unclear
A committee of the Indianapolis City-County Council failed to advance a resolution against extending Interstate 69 through southern Marion County near Indianapolis, the Associated Press reported.During a Nov. 16 meeting, the council’s Rules and Public Policy Committee was split 4-4 on whether to send the resolution to the full council, AP said.
The northern end of the designated route for the I-69 extension between Indianapolis and Evansville generally follows the Indiana Route 37 corridor from I-465 southwest toward Martinsville.
Opponents in southern Marion County have said they feared problems from the new highway dividing the suburban area, according to AP. Transport Topics
12214
