WASHINGTON, D.C. – Jim McCullough, CEO and president of CNH Construction, which offers Case, New Holland and Kobelco branded construction equipment, testified before the House Transportation and Infrastructure Committee to report on progress thus far of the American Recovery and Reinvestment Act of 2009.
McCullough, who also serves as vice chair of the Association of Equipment Manufacturers (AEM), noted that the association launched “I Make America,” a national grassroots effort to broaden awareness about the vital impact of equipment manufacturing both on the U.S. economy and global competitiveness. “Our members don’t just make equipment,” he said. “They make prosperity.”
McCullough pointed out that the heavy construction equipment industry is a major contributor to the U.S. economy and substantially impacts the economy of every state and congressional district. He said, “In 2008, equipment manufacturers, distributors, and independent maintenance providers had a $364.9-billion impact on the U.S. economy, supported more than 2 million American jobs, and paid $111.3 billion in wages, salaries and benefits.” He added that a 2009 study by IHS Global Insight showed that during this recession, the sector lost approximately 50 percent of its pre-recession activity.
Although he thanked Chairman Jim Oberstar for his support of the American Recovery and Reinvestment Act, McCullough emphasized the need for long-term funding solutions, rather than short-term extensions. “Research shows that investment in the nation’s highways, bridges, water and transit infrastructure creates about 18,000 jobs for every $1 billion spent,” McCullough said.
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