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Business: Page 114
Business
At groundbreaking, California trades union head calls high-speed rail construction “greatest infrastructure project” in U.S. history
Despite years of controversy and wondering where the money to fund its construction would come from, ground was officially broken Tuesday on California’s first high-speed rail line in Fresno. Expected to be completed by 2029, trains on the $68 billion railroad will travel at speeds up to 200 miles per hour, spanning 520 miles from San Francisco […]
January 7, 2015
Business
Larry Weyers named president of Manitowoc Cranes, Etchart steps down to VP role
Eric Etchart is stepping down from his role of president at Manitowoc Cranes and into a vice president role as part of The Manitowoc Company’s succession plan for Etchart’s upcoming retirement. Etchart has served as president of the cranes business for the past eight years. He has a planned retirement in the coming years, according to a […]
January 7, 2015
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Success Stories
Lifelong love of construction gives third-generation contractor Brad Phillips a distinct advantage
When you ask Brad Phillips when he first became interested in construction, his answer is straightforward: “I can’t remember when I haven’t been.” And when you look at Brad’s background, his answer makes perfect sense. Brad is part of the third generation that runs Phillips Companies, Beavercreek, Ohio. The company, which was started by his […]
January 6, 2015
Business
States must take the initiative in environmental streamlining
Even as the green movement expands its war against fossil fuels, it’s losing ground in its ability to use federal legislation to strangle new highways and capacity improvements in the cradle. Since 2005, serious reforms in federal surface transportation legislation like today’s MAP-21 and its predecessor, SAFETEA-LU, have allowed states to shorten the time it […]
January 6, 2015
Business
Caterpillar shares fall after analyst downgrades stock due to falling oil prices
While the falling price of oil has been delighting consumers at the pump across the U.S. for the last couple of months, the situation recently became decidedly less delightful for Caterpillar executives. Shares of the Peoria, Illinois-based heavy equipment maker dipped 5 percent at the market’s close Monday to $87.03 after JPMorgan downgraded its rating of the […]
January 6, 2015
Business
R. Barry Uber, former president of Ingersoll-Rand Construction and Mining Group, dies at 69
Barry Uber, a 30-year veteran of Ingersoll-Rand, passed away on Dec. 31 in Springfield, Vermont. Uber began his career at Ingersoll-Rand in 1967, starting as a sales engineer. He held positions in the company’s construction machinery sales, service and rental areas, and later served as vice president and general manager of Ingersoll-Rand’s Road Machinery Division […]
January 6, 2015
Business
Construction spending dips 0.3% in November due to decrease in government nonresidential
Increases in homebuilding in both the private and public sectors were not enough to offset a decrease in government nonresidential as construction spending fell 0.3 percent in November. According to preliminary estimates from the Commerce Department, construction spending in November fell to a seasonally adjusted annual rate of $975 billion. The new data also revised the September and October rates […]
January 5, 2015
Roadbuilding
Behind the resurfacing of an Iowa highway
When looking up miscellaneous statistics, you learn that average life of a U.S. currency $10 bill is 4.2 years, and a common goldfish – properly cared for – will last 7 to 14 years before going belly up. When it comes to roadbuilding, the Iowa Department of Transportation expects to see a highway road surface […]
January 2, 2015
Business
AASHTO: Annual road investment of $120 billion needed to keep up with demand
Next year will be a critical year for America’s surface transportation infrastructure, according to a just released report from the American Association of State Highway and Transportation Officials. In addition to getting highway legislation beyond the short-term mindset (a current extension ends in May), an annual investment of $120 billion for highways and bridges between 2015 and […]
December 24, 2014
Business
Will the plunge in crude oil prices kill the fracking boom?
For the last few years the conventional wisdom has been that fracking and oil and gas extraction in shale will continue to be profitable as long as crude oil prices remain above $70 a barrel. Below that point, middle eastern crude, which can be pumped out of the ground for less than $20 a barrel […]
December 23, 2014
Business
Tadano America comic book embezzler named one of top 10 costliest frauds
The $9.3 million embezzlement by the former head of legal affairs and human resources at Tadano America was among the top 10 costliest embezzlements reported in the 2013 Marquet Report on Embezzlement, released last Friday. The Marquet report delves into white collar fraud on cases where at least $100,000 was alleged to have been misappropriated. […]
December 23, 2014
Business
Contractors, construction equipment manufacturers have much to gain from restoration of trade with Cuba
Though the restoration of diplomatic relations between the U.S. and Cuba has a long way to go, construction is firmly planted among the industries with the most to gain from the reversal of the half-century-old political stalemate announced by President Barack Obama last week. On Wednesday, Obama announced that he was ordering a full restoration […]
December 22, 2014
Business
IronPlanet and Cat Auction Services announce merger
Online equipment marketplace IronPlanet and the Caterpillar dealer channel for used equipment sales, Cat Auction Services, have announced a merger. The two companies promise a “unique auction experience, backed by technology.” The merger looks to be a move by IronPlanet to incorporate onsite auctions into its currently online-only format and caps off a pretty big […]
December 22, 2014
Dealers
Caterpillar names a new CIO and a new head of Asia Pacific distribution amidst leadership changes
At the head of several changes in Caterpillar’s corporate leadership, the company has named a new Chief Information Officer and vice president with responsibility for the Global Information Services Division in Julie Lagacy. A 26-year veteran of the company, Lagacy previously served as chief financial officer of the company’s mining business before being named vice president […]
December 19, 2014
Business
Interchange projects in Norman amount to Oklahoma DOT’s largest awarded contract ever
The reconstruction of two interchanges on Interstate 35 in Norman has generated the single largest construction contract ever awarded by the Oklahoma Department of Transportation. The department awarded the contract to Sherwood Construction Company of Tulsa with a $71 million base bid with possible financial incentives. The contract calls for the reconstruction of the northern half […]
December 18, 2014
Business
Home starts fall 1.6% in November as builder confidence slips
The rate of construction on new single family homes fell in November and with it went the rate of all U.S. home starts for the month. Construction on single- and multi-family homes fell 1.6 percent in November to a seasonally adjusted annual rate of 1.028 million, according to preliminary data from the Commerce Department. The latest report […]
December 16, 2014
Business
Congress passes $1.1 trillion spending bill; cuts $5 billion from federal construction accounts
Two days after the legislation was passed by a tight vote in the House, the Senate passed a $1.1 trillion spending bill Saturday night that includes both good and bad news for federal construction accounts in 2015. The bill keeps the government funded through September, when the fiscal year ends. The Senate passed the spending […]
December 15, 2014
Business
Alabama has no plans to raise gas tax; state will rely on next year’s bond issue for road projects
Gov. Robert Bentley says he has no plans to ask the Alabama legislature to raise the state’s 16-cent-per-gallon gas tax, responding to emailed questions submitted by The Tuscaloosa News. Instead, Alabama instead will look to a $508.5 million highway bond issue to finance highway projects, bonds that last week received a AAA rating from Standard […]
December 15, 2014
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