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Volvo pledges support for next phase of efficiency regulation
The Volvo Group publicly committed its support to working with the U.S. Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) on the second phase of a national program to reduce greenhouse gas emissions and improve the fuel efficiency of medium- and heavy-duty trucks and buses. Volvo made its announcement following the Obama Administration’s statement that the EPA and NHTSA develop and issue the next phase of standards by March 31, 2016. According to a press release, the agencies are expected to issue a notice of proposed rulemaking by March 31, 2015. “As a leading manufacturer of heavy trucks, buses and engines, we remain committed to producing products that reduce our carbon footprint and offer increased fuel efficiency benefits to our customers,” says Susan Alt, senior vice president, public affairs for Volvo Group North America, in a press release. “The Volvo Group wants to ensure that Phase II of the national program establishes a complete vehicle standard to optimize fuel efficiency in a cost-effective manner that offers… Keep Reading
Nonresidential construction index at its highest point ever
FMI, a management consulting and investment-banking firm with an index that measures nonresidential construction growth, released its 2014 First Quarter Nonresidential Construction Index (NRCI) report. The NRCI showed a 7.5-point increase since the last quarter, as well as a 6.8-point increase from the first quarter of 2013. This is the highest NRCI score to date, according to the firm. The increase in the score stems from an optimistic view of a rising economy, as nearly half of FMI's participants expect construction to grow up to 5 percent in 2014. With the increase in growth, executives are searching for new talent to assist and manage industry projects. Panelists with a more moderate view of the growth potential cite hiring talented people and finding profitable work as 2014 challenges. Uncertainty about the government's direction is also weighing on them. Keep Reading
Multifamily housing demand expected to rise for next few years
Demand for apartments will increase over the next several years, said panelists during a press conference at the National Association of Home Builders (NAHB) International Builders’ Show (IBS) in Las Vegas. And while multifamily construction continues to be strong, NAHB does expect the speed to decrease as sustainable levels are reached in 2015 or 2016. “The multifamily market has rebounded significantly from its trough in 2009 at 82,000 multifamily housing starts to 340,000 in 2013,” said David Crowe, NAHB chief economist. “NAHB is forecasting 363,000 multifamily housing starts in 2015, which is above the previous longer term average of 340,000 as more young adults prefer renting.” The strong performance in multifamily comes from three sources, Crowe said. “First, during the collapse, production of multifamily housing had significantly decreased, so part of the resurgence in 2011 was just catching up with a more normal flow. Second, the strong demand for apartments is being fed by a rising demographic of echo boomers that will continue to grow in size as we absorb… Keep Reading
CBO forecast doesn’t bode well for long-term transportation bill’s prospects
One hundred million dollars in new revenue would need to be generated through new taxes or transferring funds from other sources to achieve a six-year transportation bill, the Congressional Budget Office (CBO) reports. According to The Washington Post, the $100 million injection would keep funding at current levels, which are short of what infrastructure experts say is needed to meet the nation's needs. The Washington Post adds that "there is virtually no chance that Congress will find a solution before November's midterm elections," and that former Transportation Secretary Ray LaHood recently said the possibility of a transportation bill passing before the November election is "zero." In a related transportation bill-related development, the National Transportation Coalition submitted a letter to Congress signed by 17 state governors urging action on surface transportation. Keep Reading
Acquisition to impact ContiTech in the U.S.
Continental Corp. acquired Veyance Technologies Inc., an Ohio-based rubber and plastics manufacturer, for $1.9 billion. Continental plans to integrate Veyance into its ContiTech division that includes a conveyor belt group and a fluid technology business unit. Keep Reading
Gas tax increase out for now
Rep. Bill Shuster (R-Pa.), chairman of the House Transportation Committee, said last week that a gas tax increase is no longer an option to shore up the Highway Trust Fund. Shuster had previously said he would be open to all options related to the trust fund, The Hill reports, but that the U.S. economy is not ready for an increase at this time. He also said few legislators are currently in support of such action. Shuster made his comments during a Building America's Future event in Washington, D.C., where former Transportation Secretary Ray LaHood reinforced his belief in a gas tax increase. "“Nothing is going to create the kind of money that increasing the gas tax and indexing does,” LaHood said, according to The Hill. “And then use tolling, raise TIFIA [the Transportation Infrastructure Finance and Innovation Act], do more TIGER [Transportation Investment Generating Economic Recovery] money, do all of these things. But only do it after you replenish the fund that has built America and put America back to… Keep Reading
MSHA produces ladder safety guide to improve work practices
MSHA launched a metal/nonmetal mining initiative and a corresponding "Ladder Safety Guide" to improve ladder safety standards. According to MSHA, the "Ladder Safety Guide" will serve as the basis for a series of inspector trainings on ladder safety in the coming months. The guide is designed to ensure MSHA inspectors, miners and mine operators are all working with the same information, says Joe Main, assistant secretary of labor for MSHA. Areas covered in the guide include ladder construction and maintenance; requirements specific to fixed and portable ladders; underground ladders and travelways; and the difference between ladder standards and safe access standards. Two fatal accidents are highlighted in the guide to underscore the dangers associated with unsafe ladder practices. In one instance, a miner fell 47 ft. from a stepladder that had been set up on an elevated work platform. The use of personal fall protection equipment would have saved his life, MSHA says. In the second instance, sections of a portable extension ladder were separated and the upper section –… Keep Reading
Vulcan’s James offers insight for year ahead
What's in store for Vulcan Materials Co. over the next 11 months? Don James, Vulcan's chairman and CEO, says he expects aggregates demand in a number of markets to increase over the prior year for the first time in a decade. "External industry forecasts suggest a recovery in U.S. construction activity is underway – and we concur," James says, in a press release unveiling the company's 2013 fourth-quarter results. "In 2014, we expect U.S. aggregates demand in each of the major end markets – residential, nonresidential buildings, highways and other public infrastructure – to increase over the prior year for the first time since 2004. Even better, we expect growth in Vulcan-served markets to outperform other markets, led by continued improvement in private construction activity." In addition, James says Vulcan continues to track a number of large-scale transportation and industrial projects that it expects to contribute to the company's growth this year. "While the timing of these large projects can be difficult to forecast, we expect these projects to play a… Keep Reading
Vulcan’s fourth-quarter revenue exceeds previous year’s mark
Vulcan Materials Co. reported $470 million in fourth-quarter aggregates revenue, as well as $112 million in gross profit – increases of 14 and 37 percent, respectively, versus the company's 2012 fourth quarter. In addition, Vulcan's gross profit per ton of aggregates was $4.62 – a 12 percent increase versus the fourth quarter of 2012. According to a press release, Vulcan realized double-digit volume growth in Arizona, California, Florida, Georgia, North Carolina and Texas. In addition, Vulcan's average sales price for aggregates increased in Alabama, California, Florida, Texas and along the Gulf Coast. "Demand for our products continues to benefit from a recovery in private construction activity, particularly residential construction," says Don James, Vulcan's chairman and CEO. "As a result, each of our operating segments reported earnings improvement in the fourth quarter. In particular, our aggregates segment performed very well – reflecting the strong earnings leverage to volume growth." For 2013, Vulcan reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $468 million – an increase of $57 million from the previous year.… Keep Reading
