Potential to Unlock Billions in New Construction
On May 23, the House unanimously approved two AGC-supported bills – The Public Buildings Reform and Savings Act, H.R. 4487, and the Federal Assets Sale and Transfer Act, H.R. 4465 – that would encourage federal agencies to dispose of, consolidate, or redevelop at least $8 billion of excess or underutilized civilian federal real property. These bills will help grow private construction markets by encouraging redevelopment and a more efficient use of real property by the private or federal sectors. For example, GSA sold an abandoned heating plant in Washington, D.C., for $19.5 million that will be converted into high-end condominiums, requiring private construction work of more than $100 million. A Senate committee earlier passed its own federal real property reform legislation. AGC will continue to press the Senate to pass these bills.
For more information, contact Jimmy Christianson at 703-837-5325 or christiansonj@agc.org.