Agreement Reached About Memorial Construction Financing On the 11th anniversary of the September 11 attacks on the World Trade Center, New York City mayor Michael Bloomberg and New York state governer Andrew Cuomo have announced that construction on the 9/11 Memorial Museum will resume. The museum was originally scheduled to open in 2009, but was postponed until this year’s anniversary. However, the opening was delayed once again due to a financing dispute between the 9/11 Memorial and Museum Foundation and the Port Authority of New York and New Jersey, which owns the World Trade Center site. The museum is now expected to be completed in time for the 2014 anniversary. A deal was reached late Monday night between Bloomberg, Cuomo and New Jersey governor Chris Christie, and a six page “memorandum of understanding” was issued stipulating the construction financing terms of the project. The 9/11 Memorial and Museum Foundation will pay $17 million to the Port Authority, which will also be granted greater access to

Construction Spending Increases Slightly In June The Commerce Department has reported that construction spending grew by 0.4% in June, after seeing growth rates of 0.9% and 1.4% in April and May respectively. An improved housing market spurred an increase in residential construction, which saw a 1.3% increase in June. However, commercial construction remained stagnant. While growth remains sluggish, these numbers are still better than last year, when new construction projects accounted for just 56 million square feet of space, the lowest level on record since at least 1960. Investors Hesitant To Break Ground On New Projects Private developers remain reluctant to invest in new construction products in light of recent recent economic data suggesting ongoing contraction. Additionally, uncertainty about the upcoming presidential election has prompted many investors to postpone new projects until they can assess the post-election economic outlook. Meanwhile, competition among contractors has driven profit margins down throughout the construction industry. Given these conditions, it is likely that many commercial construction firms will require

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