Texas, Louisiana Have Worst Job Losses Since Pandemic Struck, While Idaho Adds the Most Jobs; California, South Carolina Have Worst One-Month Job Losses as Florida, Vermont Top Other States
New Producer Price Index Data Confirms Association Survey Showing Most Construction Firms are Being Harmed by Skyrocketing Costs for Products Like Lumber while Shipping Problems Impact Project Schedules
In January, President Biden signed executive orders specifically charging federal agencies to focus on environmental regulations, climate change, and environmental justice. In the intervening weeks, the agencies have begun implementing those directives. We are seeing incremental steps taken as the nominees to head these agencies move through the confirmation process. The Senate just confirmed Michael Regan’s appointment to head the U.S. Environmental Protection Agency and hearings for other nominees have recently happened or are being scheduled. Agency activity is expected to increase as more appointed officials take the lead.
In accordance with the Biden administration’s recent regulatory freeze memorandum, the U.S. Department of Labor (DOL) Wage and Hour Division (WHD) issued proposals to roll back two of the Trump administration’s rulemakings. One DOL proposal is to withdraw a final rule clarifying the standard for employee versus independent contractor status under the Fair Labor Standards Act (FLSA). The previous final rule originally was to be effective on March 8, 2021, however, a recent proposal delayed that date to allow the agency “the opportunity to review and consider the questions of law, policy, and fact raised by the rule[s].â€
The Congress-passed $1.9 trillion COVID-relief bill contains multiemployer pension plan provisions of interest to contributing construction contractors including specific COVID related provisions and funding relief for eligible plans. The COVID related pension provisions are intended to provide plans relief to plans that were impacted by COVID with investment losses or contribution losses. Meanwhile the bill provides significant multiemployer pension relief through a Special Financial Assistance Program by providing a one-time lump sum payment to eligible plans to pay all benefits through 2051 (30 years) with no expectation of repayment. It is estimated there are about 100 critical and declining plans, some critical plans and a few endangered plans in the construction industry that could be eligible for some relief. Starting in 2031 PBGC premiums would be increased to $52/year and indexed for inflation every year after for all plans and participants. Premiums are currently scheduled to be about $43 in 2031 because of indexing.
Employee Retention Tax Credit, Paid Leave Tax Credit & More
Short Answer: It’s Not Clear
$250,000 Construction Advocacy Fund Campaign Helped Keep Vote Close
Democrats’ Vote in Favor of the PRO Act Will Hurt Workers and Undermine the Economic Recovery, Top Construction Industry Official Says, Urges Senate to Reject Measure Before it Harms the Economy