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☆ IRS delays change for 401(k) catch-up contributions. Here's what higher earners need to know
▼ + stars: | 2023-08-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Terry Vine | Getty ImagesHigher earners who maximize retirement savings now have more time for pretax catch-up 401(k) contributions, thanks to new IRS guidance. Currently, "catch-up contributions" allow savers 50 and older to funnel an extra $7,500 into 401(k) plans and other retirement plans beyond the $22,500 employee deferral limit for 2023. But the IRS on Friday announced a two-year delay for the change, meaning savers can still make pretax catch-up contributions through 2025, regardless of income. "The administrative transition period will help taxpayers transition smoothly to the new Roth catch-up requirement," the IRS said in a statement. Some 16% of eligible employees took advantage of catch-up contributions in 2022, according to a recent Vanguard report based on roughly 1,700 retirement plans.

Persons: Terry Vine, Roth, Dan Galli, Daniel J, Galli, Diann Howland Organizations: IRS, Galli & Associates, Associates, American, Council Locations: , Massachusetts

The rule is part of a broader push by Congress and regulatory authorities to crack down on crypto users who may be failing to pay their taxes. It would also subject digital asset brokers to the same information reporting rules as brokers for other financial instruments, such as bonds and stocks, Treasury said. Brokers would need to send the forms to both the IRS and digital asset holders to assist with their tax preparation. The new requirements stem from the $1 trillion 2021 Infrastructure Investment and Jobs Act, which included a provision that aimed to increase tax reporting requirements for digital asset brokers. It instructed the IRS to define what firms qualified as crypto brokers and provide forms and instructions for reporting.

Persons: Dado Ruvic, Kristin Smith, Miller Whitehouse, Levine, Elizabeth Warren, Hannah Lang, Deepa Babington, Michelle Price Organizations: REUTERS, Internal Revenue Service, Treasury, Treasury Department, IRS, Investment, Jobs, Blockchain, DeFi, Democratic, Thomson Locations: U.S, Washington

☆ Republican hopefuls’ deficit goals are all talk
▼ + stars: | 2023-08-24 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

Participants in the party’s first debate for the 2024 election on Wednesday night promised to shrink the government’s budget shortfall. Yet Republicans have a bad track record for cutting federal debt, and some candidates are already touting pricey projects and tax cuts. The last Republican president to run a budget surplus was George W. Bush in 2001, but even that year was partly influenced by the cost-cutting measures put in place by his Democratic predecessor. With Congress balking at such a combinations, Republican candidates’ plans are all talk, little hope of action. That budget deficit is 122% larger than the shortfall seen in the same period last year.

Persons: Asa Hutchinson, Chris Christie, Mike Pence, Ron DeSantis, Vivek Ramaswamy, Nikki Haley, Tim Scott, Doug Burgum, jockeying, “, Donald Trump, George W, Bush, Lauren Silva Laughlin, Oliver Taslic Organizations: Arkansas, New, U.S, South Carolina, North Dakota, Republican, Reuters, Republicans, South, Democratic, U.S . Office, Management, Former New, Congressional, Cato Institute, Fitch, Treasury Department, Thomson Locations: New Jersey, Florida, U.S, WASHINGTON, Milwaukee , Wisconsin, South Carolina, Former New Jersey, Arkansas, Ukraine, China, The U.S

☆ These are the key tax policy issues to watch for during the first GOP presidential debate
▼ + stars: | 2023-08-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Scott Olson | Getty ImagesEight candidates will take the stage for the first Republican presidential debate on Wednesday night — and experts are watching closely for comments on key tax policy issues. "The 800-pound gorilla in the room is the Tax Cuts and Jobs Act and the expiration of all the individual income tax provisions slated after 2025," said John Buhl, senior communications manager at the Tax Policy Center. Enacted in 2017, former President Donald Trump's signature tax legislation ushered in sweeping changes to the tax code including lower income tax brackets, higher standard deductions and a significantly larger estate tax exclusion, among other provisions. Most Americans could see higher taxesOne of the closely-watched Tax Cuts and Jobs Act provisions is changes to the individual income tax brackets. "I don't think we're going to see a complete extension of everything in the Tax Cuts and Jobs Act," she said.

Persons: Scott Olson, John Buhl, Donald Trump's, Buhl, Erica York, There's Organizations: Getty, Tax, Center, Trump, Federal Tax

☆ Bank of America breaks down the repercussions of Biden's Inflation Reduction Act a year after its contentious passage, and the 37 stocks that will see the biggest benefits in the years to come
▼ + stars: | 2023-08-16 | by ( Mark Reeth | ) www.businessinsider.com time to read: +6 min

It has been one year after President Biden's Inflation Reduction Act went into law. Passing the Inflation Reduction Act last August was anything but easy. One year to the day after President Biden's Inflation Reduction Act was passed seems like the perfect time to look back on its effects — and to look forward at which stocks could reap the benefits. Bank of America: The Inflation Reduction Act is WorkingIn mid-July, Bank of America ESG strategists Dimple Gosai and Megan Mantaro took a deep dive into the Inflation Reduction Act and the stocks that will feel the greatest impact from increased manufacturing spending. Within these themes, the strategists found 37 stocks that they believe will see the biggest benefits of the Inflation Reduction Act.

Persons: Biden's, Sen, Joe Manchin, Dimple Gosai, Megan Mantaro, Mantaro Organizations: Bank of America, GOP, Infrastructure Investment, Jobs, EVs, EV Locations: Georgia, South Carolina , Tennessee, Kentucky

☆ How more than a trillion dollars in U.S. government infrastructure spending can boost these 3 industrial stocks
▼ + stars: | 2023-08-11 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

The U.S. government is deploying trillions of dollars of stimulus money into infrastructure investments, boosting the prospects for a number of industrials in the Club portfolio. Club names Honeywell (HON) and Emerson Electric (EMR) might also grab some of the IRA's funding for green energy. Gains were linked to a boost in demand for construction equipment because of the "once in a generation" Infrastructure bill. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. The White House's infrastructure plan estimates to set aside approximately $35 billion for Texas projects.

Persons: Joe Biden, Emerson, Morgan Stanley, Economist Ellen Zentner, Zentner, Larry Fink, Jim Umpleby, Jim Cramer, Josh Pokrzywinski, Jim Cramer's, Jim, Brandon Bell Organizations: Club, Infrastructure Investment, Jobs, Act, Caterpillar, Honeywell, Emerson Electric, Morgan Stanley Chief, Economist, CNBC, CAT, Inflation, Bank of America, National, Software, Control, Getty Locations: U.S, North America, Houston , Texas, Texas

☆ Analysis: While AI takes the spotlight, infrastructure stocks shine
▼ + stars: | 2023-08-04 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. Nvidia (NVDA.O) shares have surged almost 205% year to date, while Meta Platforms (META.O) has surged about 160% as investors anticipate the potential AI may unlock. That spending has led investors to search for stocks that will reap the benefits of the boost in spending in construction and engineering. "You have to look harder at these companies about what their end market really is, even though they're in a sector." Reporting by Chuck Mikolajczak; additional reporting by Lance Tupper, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Kim Forrest, Morgan Stanley, hasn’t, Bryant VanCronkhite, VanCronkhite, Owens Corning, Forrest, Chuck Mikolajczak, Lance Tupper, Louise Heavens Organizations: New York Stock Exchange, REUTERS, Nvidia, Meta, Bokeh Capital Partners, Infrastructure Investment, Jobs, Allspring Global Investments, Reuters, Vulcan, Thomson Locations: New York City, U.S, Pittsburgh, Menomonee Falls , Wisconsin

☆ Bank of England's next move divides economists as data paints a mixed picture
▼ + stars: | 2023-08-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Andrew Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, February 2, 2023. Pool | ReutersLONDON — Market expectations are split over the Bank of England's next monetary policy move on Wednesday, as policymakers near a tipping point in their fight against inflation. The other 38% of market participants expect a second consecutive 50 basis point hike, after the central bank surprised markets with a bumper increase in June. watch nowThe British economy has proven surprisingly resilient, despite a run of 13 consecutive rate hikes from the Bank of England. "While core inflation surprised to the downside in June, services inflation momentum remains strong.

Persons: Andrew Bailey, Goldman Sachs, James Moberly, Ibrahim Quadri, Jari Stehn, BoE, Goldman, —, Abbas Khan, Mariano Cena, Silvia Ardagna, Matthew Swannell, Paul Hollingsworth, Andrew Bailey's Organizations: Bank of England, Press, Bank of, Monetary, British Retail Consortium, MPC, Fed, ECB, U.S . Federal Reserve, European Central Bank, PMI, Bank of England's, Barclays, BNP Paribas Locations: London, Britain, Sintra

☆ Businesses aren't acting like a recession is coming this year
▼ + stars: | 2023-07-30 | by ( Noah Sheidlower | Madison Hoff | ) www.businessinsider.com time to read: +7 min

Still, businesses aren't feeling too optimistic, with most still expecting a recession this year. However, big companies are hiring, businesses are expanding, and lots of entrepreneurs are filing to open new startups. This was partly due to consumers spending more and business investment being way up. The main measure of business investment in the GDP report is well above pre-pandemic levels, and shows no signs of slowing down ahead of a hypothetical recession. Businesses also aren't feeling too optimistic according to the National Federation of Independent Business' Small Business Optimism Index.

Persons: —, Gregory Daco, Daco, Jeffrey Roach, Jerome Powell, Powell Organizations: Service, Bureau, Infrastructure Investment, Jobs, US . Entrepreneurs, Economic Innovation Group, Economic, Nationwide, Edelman Data, Intelligence, National Federation of Independent Business, LPL, Federal Reserve, Fed Locations: Wall, Silicon

☆ 3 signs the US economy is set to zoom past growth expectations
▼ + stars: | 2023-07-26 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

On Thursday, new GDP data will show just how much the US economy grew between April and June. The US has also been experiencing a factory boom, with construction spending on US manufacturing nearly doubling from May 2022 to May 2023. Manufacturing employment recently hit its highest level since 2008, and since Biden took office, around 800,000 manufacturing jobs were added. In the first two quarters of this year, applications to start a business likely to hire employees grew 7% year-over-year. Sectors leading likely employer business applications include accommodation and food services, construction, health care and social assistance, and retail trade.

Persons: Morgan Stanley, Joe, Biden, Ellen Zentner, Julia Coronado Organizations: Infrastructure Investment, Jobs, Service, Federal Reserve Bank of Atlanta, Federal Reserve Bank of Philadelphia, Congressional, Investments, Economic, Sectors, National Association for Business Economics, Conference, CPI, Federal Locations: Wall, Silicon, —, Philadelphia, frastructure, Mississippi, North Carolina

☆ The collapse of the I-95 bridge in Philadelphia should've taken months to repair. Here's how the city fixed it in 12 days.
▼ + stars: | 2023-07-24 | by ( John Kell | ) www.businessinsider.com time to read: +9 min

In June, the collapse of the I-95 bridge in Philadelphia brought one of the city's busiest thoroughfares to a standstill. But in Philadelphia, I-95 reopened just 12 days later, restoring order on one of the busiest thoroughfares in the area. That quick work, Belmonte said, was one of many key decisions that got the reconstruction project moving rapidly. Meanwhile, congestion immediately spiked on the roadways near the I-95 collapse as emergency crews rushed to set up detours. Bartash said her travel time to Bucks County doubled to two and a half hours during the I-95 bridge reconstruction.

Persons: Josh Shapiro, Shapiro, Lou Belmonte, Belmonte, Billy Kyle, guardrails, PennDOT, Inrix, Bob Pishue, Laura Ahramjian, Ahramjian, Stephanie Bartash, Bartash, Jo Bradley, Bradley, It's Organizations: Morning, Pennsylvania, Infrastructure Investment, Jobs, Pennsylvania Department, Transportation, Pennsylvania's Department of Transportation, Buckley, Co, Philadelphia, Pennsylvania Department of Transportation, Pocono, NASCAR, Kittelson, Associates, Bucks, Philadelphia Phillies Locations: Philadelphia, Atlanta, Mississippi, Minnesota, Philadelphia County, Vine, Pennsylvania, Jersey Shore, Delaware, New Jersey, Ambler , Pennsylvania

☆ CNBC Daily Open: Let’s talk about the Dow
▼ + stars: | 2023-07-24 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +5 min

Michael M. Santiago | Getty Images News | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. For the second half, the bank thinks GDP will grow 1.3%, compared with 0.6%. "India and China combined will make up 2 million barrels a day of demand pick-up in the second half of this year," he said. The bottom lineLet's talk about the Dow Jones Industrial Average and why it did better than the S&P 500 and the Nasdaq Composite last week.

Persons: Michael M, Tesla, Wood, Morgan Stanley, Joe Biden's, Ellen Zentner, Joseph McMonigle, McMonigle, Sarah Min, Dow, Goldman Sachs, Gamble Organizations: New York Stock Exchange, Santiago, Getty, CNBC, Nasdaq, KE Holdings, Joe Biden's Infrastructure Investment, Jobs, International Energy, Federal Reserve, Dow Jones Industrial, JPMorgan Chase, Apple, Microsoft, Nike, Procter, Nvidia, UnitedHealth, Dow Locations: New York City, China, U.S, India

☆ Morgan Stanley credits Bidenomics for 'much stronger' than expected GDP growth
▼ + stars: | 2023-07-21 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

As a result of these unexpected swells, Morgan Stanley now projects 1.9% GDP growth for the first half of this year. Morgan Stanley's revision came at a pivotal time for the Biden White House. "Together we are transforming the country, not just through jobs, not just through manufacturing, but also by rebuilding our infrastructure," Biden said Thursday during a visit to a Philadelphia shipyard. The White House has dubbed this brick-and-mortar economic growth formula "Bidenomics," a phrase originally used by Republicans to jab the president, who co-opted the term as a badge of honor. "This report confirms what we've long said: Our strong and resilient economy is Bidenomics in action," White House assistant press secretary Mike Kikukawa said in an email to CNBC.

Persons: Joe Biden, Jill Biden, WASHINGTON — Morgan Stanley, Joe Biden's, Ellen Zentner, Morgan Stanley, That's, Zentner, Morgan Stanley's, Biden, Kevin McCarthy, Mike Kikukawa Organizations: Marine, WASHINGTON, Biden's Infrastructure Investment, Jobs, Biden White House, Philadelphia shipyard, CNBC, America Economic Survey, Republicans, House Locations: Washington , DC, U.S, Philadelphia, America

☆ Republicans want to shred Amtrak funding as the railroad plans a historic Sunbelt and Western expansion
▼ + stars: | 2023-07-20 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

House Republicans are proposing slashing funding for Amtrak and other infrastructure in the 2024 budget. The spending cuts, which would put Amtrak funding below 2003 levels, would also undermine the railroad's major plans to expand its routes and improve infrastructure in the Sunbelt and West. Passenger rail service is abysmal or nonexistent in most of the country. Both Houston — the fourth most-populous US city — and Phoenix, where the closest Amtrak station is 36 miles from downtown, have Amtrak service just three days a week, the railroad noted. More modern, electrified rail routes have even less environmental impact.

Persons: Stephen Gardner, Gardner Organizations: Republicans, Amtrak, Service, Privacy, House Transit, Housing, Urban, Infrastructure Investment, Jobs, The Texas Department of Transportation, Houston, Department of Energy, The Washington Post Locations: Washington, Boston, West, Seattle, Portland, Houston, San Antonio, Cleveland, Detroit, Nashville, Savannah, Midwest, Texas, Dallas, Fort Worth, —, Phoenix, Atlanta, The

☆ $1 billion Powerball jackpot is up for grabs. Here’s what the winner could owe in taxes
▼ + stars: | 2023-07-19 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Scott Olson / GettyThe Powerball jackpot has ballooned to an estimated $1 billion, raising the stakes for the next drawing at 10:59 p.m. It's the third-biggest prize in the game's history — falling behind the record $2.04 billion jackpot in November and $1.586 billion prize from 2016, according to the Multi-State Lottery Association. More than $124 million immediately goes to the IRSBefore seeing a penny of the jackpot, winners pay a sizable tax withholding. However, Loyd warns the 24% withholding won't cover the entire tax bill because the prize pushes the winner into to the 37% tax bracket. After the 24% federal withholding, the jackpot winner's tax bill depends on several factors but could easily represent millions more.

Persons: Scott Olson, John Loyd, Loyd Organizations: State Lottery Association, IRS Locations: Fort Worth , Texas

☆ How Siemens and Alstom are preparing for a passenger rail boom in the U.S.
▼ + stars: | 2023-07-11 | by ( Magdalena Petrova | ) www.cnbc.com time to read: +2 min

Once a leader in passenger rail, the U.S. has since fallen behind many industrialized nations in rail funding and ridership — but investment is picking up. Investment in passenger rolling stock across North America, which includes high-speed rail, light rail, metro, passenger coaches and locomotives, is expected to increase 4.7% per year between 2021 and 2026, according to a projection from McKinsey & Company. Aside from the government, private companies are also working on beefing up passenger rail in the country. Brightline has already built out its passenger rail service in Florida, and its sister company, Brightline West, is working on a high-speed passenger rail line between Las Vegas and Southern California. CNBC visited railcar manufacturers Siemens and Alstom to see how they are ramping up passenger train production and to learn how the companies view the future of passenger rail in the U.S. Watch the video to find out more.

Persons: Marc Buncher, Scott Sherin, We've, Brightline Organizations: Investment, McKinsey & Company, Infrastructure Investment, Jobs, Siemens Mobility North, CNBC, Alstom, Amtrak, Alstom U.S, Siemens, U.S . Locations: U.S, North America, United States, Hornell , New York, Europe, Florida, Las Vegas, Southern California

☆ US factories are booming, but finding workers is still a struggle
▼ + stars: | 2023-07-11 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

Despite that huge jump in manufacturing construction, employment in the sector has been stagnant over the last year, suggesting filling the new factories with workers could be difficult. Notably, other advanced economies have not experienced such surges in manufacturing construction, according to the Treasury Department. Since President Joe Biden took office, around 800,000 manufacturing jobs were added, or a 6.5% growth rate. This year has seen manufacturing employment remain especially stagnant, growing by just around 4,000 employees since January. Though many of the 1.4 million manufacturing jobs lost at the beginning of the pandemic have been recovered, many economists are worried all these new factories across the country could struggle to find enough workers.

Persons: hasn't, Joe Biden, Tony Schmitz, Kendra Blacksher, industrials Organizations: Service, Census, Infrastructure Investment, Jobs, Treasury Department, Manufacturing, National Association of Manufacturers, . Manufacturers, Fortune , University of Tennessee, The American Society of Mechanical Engineers, Bloomberg, RSM Locations: Wall, Silicon, China, Tennessee, American

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Alstom and Siemens are ramping up passenger train productionA big boost to the rail industry has come from the Infrastructure Investment and Jobs Act (IIJA), which was passed in 2021 and designates $66 billion to improve the nation's rail system. CNBC visited two of the biggest passenger railcar manufacturers operating in the country: Siemens and Alstom to see how they are ramping up passenger train production and to learn what they see as the future of passenger rail in the U.S.

Organizations: Alstom, Siemens, Infrastructure Investment, Jobs, CNBC Locations: U.S

☆ Trying to choose Pretax vs. Roth 401(k)? Why it's trickier than you think, experts say
▼ + stars: | 2023-07-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

While pretax 401(k) contributions reduce your adjusted gross income, you'll owe levies on growth upon withdrawal. By comparison, Roth 401(k) deposits won't provide an upfront tax break, but the money can grow tax-free. Experts say these expected changes may also factor into the pretax versus Roth contributions analysis. Plus, recent changes from Secure 2.0 have made Roth 401(k) contributions more appealing for some investors, she said. Consider your 'legacy goals'"Legacy goals" are also a factor when deciding between pretax and Roth contributions, said Lawrence from Mariner Wealth Advisors.

Persons: Roth, —, Ashton Lawrence, Lawrence, Lawrence Pon, There's, Catherine Valega, Valega, pretax Organizations: Mariner Wealth Advisors, Lawrence Pon CPA, Pon &, Green Bee, Green Locations: Greenville , South Carolina, Redwood City , California, Boston

American workers are still quitting their jobs, per Bureau of Labor Statistics data. The Bureau of Labor Statistics' newly released monthly Job Openings and Labor Turnover Survey shows that job openings are still high, even though they dropped slightly from April. Plus, the number of workers quitting their jobs actually grew in May, all while layoffs stayed near historic lows. It signals a labor market where workers — especially blue-collar workers — still feel comfortable leaving their jobs, with plenty of opportunities awaiting them, including remote and hybrid options. The sector — which houses, in part, tech workers — was one industry among a handful that saw a dip in its quit rate.

Persons: —, Nick Bunker, it's, Bunker, Joanne Hsu, Hsu, There's Organizations: Labor Statistics, Service, Privacy, Labor, Survey, Bureau of Labor Statistics, University of Michigan, Consumers

☆ This Little-Noticed Infrastructure Investment and Jobs Act Provision Could Revolutionize Car Travel - The New York Times
▼ + stars: | 2023-07-06 | by ( Clifford Winston | ) www.nytimes.com time to read: +3 min

The congestion charge would spread traffic throughout the day, reducing public pressure to build expensive lanes or roads to expand peak-period capacity. And the emissions charge would encourage travelers to use electric vehicles, accelerating the transition to a clean energy economy without large subsidies. Travelers and shippers will almost certainly eventually use autonomous electric vehicles that operate efficiently and safely without a driver to reach their destinations. fees would generate funding to upgrade the highway infrastructure, thus reducing congestion and pavement damage that impede autonomous vehicle operations, and accelerate demand for autonomous electric vehicles. fee might be resurrected after the elections, or it might be done in future decades to help upgrade the infrastructure to facilitate autonomous vehicles operation.

Organizations: Travelers, Department of Transportation

[1/4] Liquified petroleum gas vessel Zita Schulte is seen docked at the port of Corpus Christi, Texas, U.S., May 15, 2023. A hydrogen hub would require access to millions of gallons of water – a challenge in Corpus Christi which is experiencing a multi-year drought. Peter Zanoni, the city manager for Corpus Christi, said the hydrogen project, if approved, all but requires the adoption of seawater desalination. And seawater desalination plants are energy intensive and expensive to build and maintain, energy experts say. Corpus Christi first proposed seawater desalination in 2017 to supply its rapidly growing energy and petrochemicals industries.

Persons: Zita Schulte, Joe Biden's, Read, Jennifer Granholm, Biden, Minh Khoi, Radhika Fox, Peter Zanoni, Zanoni, Paul Montagna, Christi, Errol Summerlin, Brandon Marks, Marks, Charles Zahn, Valerie Volcovici, Richard Valdmanis, Suzanne Goldenberg Organizations: Investment, Jobs, Biden, Coastal Alliance, Corpus, U.S . Energy, Reuters, Rystad Energy, Department of Energy, DOE, Environmental, Corpus Christi, ExxonMobil, Saudi Arabia's Basic Industries Corporation, M University, Harte Research, Gulf of, Gulf of Mexico Studies, EPA, Texas Commission, Texas Campaign, Thomson Locations: Corpus Christi , Texas, U.S, Gulf, Christi , Texas, Corpus Christi, Southern California , Colorado , Kansas, New Mexico, Texas, Corpus, United States, Gulf of Mexico, San Diego , California, Hillcrest, San Antonio

☆ America's biggest asphalt maker faces a 'golden age' with some green strings attached
▼ + stars: | 2023-06-28 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +3 min

There are about 2.8 million miles of roads in the United States, and 94% of that is made of asphalt. There's also recycled asphalt pavement, which is exactly what it sounds like: pavement that has been scraped off a road, ground up and used again. Right now, CRH says about 25% of every mile of road it paves is recycled asphalt pavement, though there are some places where the share of recycled asphalt is much higher. The reason: When recycled pavement was first introduced, it had a tendency to degrade faster, simply because it was older. The industry, represented by the National Asphalt Pavement Association, wants to raise the level of recycled asphalt in any given road to about 50% of the mix that is laid down.

Persons: Randy Lake, we're Organizations: Investment, Jobs, Solutions, Asphalt Pavement Association Locations: United States, Irish, Canada, U.S, North America, America

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInside America's largest asphalt maker and road paver94 percent of the roads in the U.S. are paved with asphalt. Companies like CRH - the largest road paver in America - are newly flush with billions from the US government which is the largest buyer of asphalt in the country. Some in the business say it's the golden age of infrastructure. The Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure law, is adding $1.2 trillion, a 40% to 50% increase over the previous FAST Act. But there are some strings attached.

Organizations: Infrastructure Investment, Jobs Locations: U.S, America

☆ Billions in federal infrastructure spending could be wasted due to outdated government rainfall models
▼ + stars: | 2023-06-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +5 min

The government's precipitation expectation model from the National Oceanic and Atmospheric Administration, or NOAA, is called Atlas 14. "It leverages the best available historical precipitation data that was available the time that the study was performed." It is not the only state using Atlas 14 to inform its infrastructure projects. "I can't speak to how some of those engineering decisions are made," Salas said when asked if Atlas 14 should still be used. There are multiple climate risk modeling firms with vast precipitation forecasting data, but most charge for it, and states already have the Atlas 14 data.

Persons: it's, Matthew Eby, Fernando Salas, Salas, Eby, Stephen Schapiro, " Salas Organizations: Biden administration's Infrastructure Investment, Jobs, First Street Foundation, National Oceanic, Atmospheric Administration, NOAA, Geo - Intelligence Division, National Weather Service, ., Infrastructure, state's Department of Transportation, New, New Jersey Department of Transportation, NJ Department of Environmental Locations: United States, Upper Midwest, New Jersey

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