WASHINGTON, D.C. – “We have a very, very underfunded and seriously challenged transportation system in severe crisis.”
So says Peter Ruane, chief executive of the American Road and Transportation Builders Association (ARTBA), as he unveils a 70-page plan for updating legislation on federal surface transportation spending. The law–called the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU)–passed in 2005 with a $287 billion price tag. It’s set to expire two years hence.
Yes, 2009 is a way off, and it isn’t a drop-dead date. The SAFETEA law didn’t get signed until two years after its predecessor’s expiration.
Still, shareholders in companies like Caterpillar (nyse: CAT – news – people ), Deere & Company (nyse: DE – news – people ), and Vulcan Materials (nyse: VMC – news – people ) should watch the road building industry’s Washington standard bearer in the off-season: The federal government finances nearly half the country’s highway and bridge building.
Full story at Forbes.com