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Trump: Infrastructure Plan Will Ride on Public Funds, Too

President Trump addressing Congress on Feb. 28. Image via WhiteHouse.gov

In his address to a joint session of Congress on Feb. 28, President Trump called for a $1-trillion infusion of public and private investment to repair and expand the nation's infrastructure. He devoted just about one minute of his hour-long speech to promoting that initiative, but it was the first time the president indicated that public— not just private— financing would be needed to fund his infrastructure proposal.

Invoking President Dwight Eisenhower, who championed the building of the Interstate Highway System in the 1950s, Trump said “the time has come for a new program of national rebuilding. America has spent approximately $6 trillion in the Middle East -- all the while our infrastructure at home is crumbling. With this $6 trillion, we could have rebuilt our country twice, and maybe even three times if we had people who had the ability to negotiate.”

Trump said he will be “asking Congress to approve legislation that produces a $1-trillion investment in infrastructure of the United States -- financed through both public and private capital -- creating millions of new jobs.”

What remains to be heard is exactly how the administration expects to pay for the lavish infrastructure outlay promised by the president. Before moving onto other issues, Trump noted further only that his infrastructure proposal will be “guided by two core principles: buy American and hire American.”

Despite the lack of details given, the American Trucking Associations was pleased for the attention paid to infrastructure in this major policy speech by the new president. “ATA was pleased to hear President Trump again sound the call to address our nation's need to improve our transportation infrastructure,” said ATA President and CEO Chris Spear in a statement to HDT.

“Trucks move 70% of our nation's ...Read the rest of this story

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Economic Watch: Manufacturing Keeps Surging as Construction, Personal Spending Slip

Economic activity in the nation's manufacturing sector continued expanding in February, according to two surveys of nation's purchasing managers. One report shows conditions are the best in two years while the other indicates things are slightly cooler than they were at the beginning of 2017.

The closely watched Purchasing Managers' Index from the Institute for Supply Management posted a final February reading of 57.7%, an increase from January's level of 56%. This marks the sixth straight month of growth and it's the highest reading since August 2014. A reading above 50% indicates expansion while below that level shows contraction.

The New Orders Index registered 65.1%, an increase of 4.7 percentage points from the January reading of 60.4%, its highest reading since December 2013. The Production Index registered 62.9%, 1.5 percentage points higher than the January reading of 61.4% and its highest level since March 2011.

"Comments from the panel largely indicate strong sales and demand, and reflect a positive view of business conditions with a watchful eye on commodities and the potential for inflation,” said Bradley J. Holcomb, chair of the ISM Manufacturing Business Survey Committee

Of the 18 manufacturing industries surveyed, 17 reported growth in February.

“The past relationship between the PMI and the overall economy indicates that the average PMI for January through February of 56.9% corresponds to a 4.3% increase in real gross domestic product [GDP] on an annualized basis,” said Holcomb. “In addition, if the PMI for February is annualized, it corresponds to a 4.5% increase in real GDP annually."

Such rates compare to the GDP expanding at a annual rate of 1.9% in the fourth quarter of 2016.

A separate report from the financial information services provider IHS Markit also shows the U.S. manufacturing sector continued to expand at a robust pace, although the latest upturn was slightly weaker than seen at ...Read the rest of this story

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