ABC Reports: Tepid GDP Growth a Sign Construction Spending May Sputter; Decline Unlikely

ABC LogoReal gross domestic product (GDP) expanded by just 0.7 percent (seasonally adjusted annual rate) during the fourth quarter of 2015, according to an analysis of Bureau of Economic Analysis data released today by Associated Builders and Contractors (ABC). This paltry growth follows a 2 percent increase during the year’s third quarter and a 3.9 percent increase during the second quarter. For the year, GDP expanded by 2.4 percent, matching the rate of growth seen in 2014.

Nonresidential fixed investment shrank by 1.8 percent in the fourth quarter, the first time the segment has contracted since the third quarter of 2012. For the year, nonresidential fixed investment expanded by 2.9 percent after growing by 6.2 percent in 2014 and 3 percent in 2013.

“The economy did not end the year well,” said ABC Chief Economist Anirban Basu. “Today’s GDP data adds weight to the argument that the U.S. is in a corporate profits recession, an industrial recession, and was experiencing a softening of investments. With the exception of the residential building sector, business capital outlays have declined as corporations deal with a combination of sagging exports, competitive imports, declining energy related investments, rising wage pressures and healthcare costs.

“Recent turbulence in financial markets suggest that capital availability may continue to soften,” said Basu. “While residential construction is likely to continue to recover given the combination of low interest rates and accelerating household formation, nonresidential construction spending growth may begin to sputter a bit as those who deploy capital become more defensive. This is not to suggest that nonresidential construction spending is set to decline. Many contractors continue to report significant and growing backlog. However, the current situation suggests that the growth in backlog and ultimately in spending may not be quite as rapid as it was earlier in 2015.”

Six key input prices rose or remained unchanged in October on a monthly basis, while one remained unchanged:

  • Personal consumption expenditures expanded 2.2 percent in the fourth quarter after growing by 3 percent in the third quarter.
  • Spending on goods grew 2.4 percent in the fourth quarter after expanding 5 percent in the third quarter and 5.5 percent in the second quarter.
  • Real final sales of domestically produced output increased 1.2 percent for the fourth quarter after a 2.7 percent increase in the third quarter.
  • Federal government spending increased 2.7 percent in the fourth quarter, the segment’s largest increase since the third quarter of 2014.
  • Nondefense spending increased 1.4 percent in the fourth quarter after expanding 2.8 percent in the previous quarter.
  • National defense spending expanded by 3.6 percent in the fourth quarter after contracting by 1.4 percent during the third.

State and local government spending contracted by 0.6 percent in the fourth quarter after increasing by 2.8 percent in the third quarter.

GDP_Q4_2015

Wells Fargo Economics Group Reports: Peering Into Desolation Row: The Risk of a U.S. Recession

Wells_Fargo_Securities_logoRecent market volatility and weaker data from the manufacturing sector raises the question: Is the U.S. economy heading into a recession? Based on our recession model, the chance of a recession is highly unlikely over the next six months.

Predicting the Probability of a Recession: A Probit Model

One useful method to predict the chances of a recession over the near term is to build a Probit model. A Probit model, in the present case, estimates (using a handful of predictors) the probability of a recession for a certain period in the future. Our Probit model predicts the probability of a U.S. recession during the next six months. The model utilizes the LEI, S&P 500 index and Chicago-PMI employment index among others as predictors. Our model has served us well, as it Peering Into Desolation Row: The Risk of a U.S. Recessionstarted predicting (in real-time) a significantly higher probability of recession in 2007 (58 percent probability in Q3 2007). In addition, we never joined the “double-dip” camp back in 2010-2012, largely because our Probit model never indicated a recession during that time period was likely. Using the most recent data (through December 2015), our model suggests a low chance of a U.S. recession during the next six months (1.17 percent probability, top graph).

The LEI, one of the key predictors of the model, fell 0.2 percent in December and one would expect a higher probability given the drop in the LEI. The reason behind the low probability is that the average growth rate during Q4 was 0.27 percent. Furthermore, the LEI was positive for October and November (0.5 percent for each month). Typically, if the LEI has a negative growth rate for several consecutive months (negative quarterly average) then the probability tends to move up. For instance, the Q3 average LEI was -0.05 percent and the model subsequently produced a 7.14 percent probability. In addition, other predictors of our model are also experiencing negative/weak growth rates as the S&P 500 index and employment component of Chicago-PMI are negative (middle graph). The LEI is also trending downward, however, it is Peering Into Desolation Row: The Risk of a U.S. Recessionstill positive and consistent with a lower probability of recession. All three predictors were well below zero during the past two recessions and those time periods are consistent with very high recession probabilities (middle graph). Therefore, we are comfortable saying that a recession within the next six months is unlikely.

The Conference Board produces a coincident index (CI) for the U.S. economy and the index consists of four variables: nonfarm employment, industrial production, real personal income less transfer payments and real manufacturing and trade sales. The index, as its name suggests, is a useful measure of the current state of the U.S. economy. The average growth rate of the CI for Q4 is 0.13 percent, which suggests a weak but positive growth rate for the U.S. economy. We decompose the CI using the Hodrick- Prescott (H-P) filter. One major benefit of the H-P filter is that it characterizes a series’ movement relative to the series’ long-run trend. The bottom graph shows the average deviation of the four variables from their respective long-run trends. The average value is below zero for December 2015, which suggests a weaker growth rate compared to the long-run trend. Industrial production is dragging down the average index at present, as the rest of the Peering Into Desolation Row: The Risk of a U.S. Recessionthree variables are either at or above the long-run trend growth.

In sum, our analysis suggests that the chance of a U.S. recession during the next six months is low.

Source: Federal Reserve Bank of Chicago, The Conference Board, Bloomberg LP and Wells Fargo Securities, LLC

TRIP Report: New York’s Top Transportation Issues

TRIPDeficient, Congested Roadways Cost New York State Drivers $24.9 Billion Annually, As Much As $2,798 Per Driver. Costs Will Rise And Transportation Woes Will Worsen Without Increased Funding

Roads and bridges that are deficient, congested or lack desirable safety features cost New York State motorists a total of $24.9 billion statewide annually – as much as $2,798 per driver in some areas – due to higher vehicle operating costs, traffic crashes and congestion-related delays. Increased investment in transportation improvements at the local, state and federal levels could relieve traffic congestion, improve road, bridge and transit conditions, boost safety, and support long-term economic growth in New York, according to a new report released today by TRIP, a Washington, DC based national transportation organization.

The TRIP report, New York’s Top Transportation Issues: Meeting the State’s Need for Safe, Smooth and Efficient Mobility,” finds that throughout New York, 38 percent of major locally and state-maintained urban roads are in poor condition. Nearly two-fifths of New York’s bridges are structurally deficient or functionally obsolete. The state’s major urban roads are becoming increasingly congested, with drivers wasting significant amounts of time and fuel each year. And, nearly 5,800 people were killed in crashes on New York’s roads from 2010 to 2014.

Driving on deficient roads costs some urban area drivers as much as $2,798 per year in the form of extra vehicle operating costs (VOC) as a result of driving on roads in need of repair, lost time and fuel due to congestion-related delays, and the costs of traffic crashes in which roadway features likely were a contributing factor. The TRIP report calculated the cost to motorists of insufficient roads in the Albany, Binghamton, Buffalo, New York City, Poughkeepsie-Newburgh, NY_Albany_TRIP_Infographic_Jan_2016Rochester, Syracuse and Utica urban areas. A breakdown of the costs per motorist in each area along with a statewide total is below.

NY 1The TRIP report finds that 38 percent of major urban roads in the state are in poor, while 42 percent are in mediocre or fair condition, and the remaining 21 percent are in good condition. Driving on deteriorated roads costs New York State motorists a total of $6.3 billion each year in extra vehicle operating costs, including accelerated vehicle depreciation, additional repair costs, and increased fuel consumption and tire wear.

Traffic congestion in the state is worsening, costing the state’s driver a total of $12.4 billion annually in lost time and wasted fuel.

A total of 39 percent of New York’s bridges show significant deterioration or do not meet modern design standards. Twelve percent of New York’s bridges are structurally deficient, with significant deterioration to the bridge deck, supports or other major components. An additional 27 percent of the state’s bridges are functionally obsolete, which means they no longer meet modern design standards, often because of narrow lanes, inadequate clearances or poor alignment.

“Today’s TRIP report highlights the poor conditions that New Yorkers across the state face on our roads and bridges every day,” said John Corlett, Legislative Committee chairman at AAA New York State.  “In 2015 alone, AAA serviced more than 200,000 flat tire calls throughout New York – many of which were due to potholes and other hazardous road conditions.  This is a symptom of the lack of adequate investment in roads. I look forward to working with the Governor and State Legislature to fully fund the needs of our road and bridge system, which will enhance safety and help improve the quality of life for the millions of drivers who travel on our roads and bridges every day.”

Traffic crashes in New York claimed the lives of 5,775 people between 2010 and 2014. New York’s overall traffic fatality rate of 0.92 fatalities per 100 million vehicle miles of travel is lower than the national average of 1.09.

The efficiency and condition of New York’s transportation system, particularly its highways, is critical to the health of the state’s economy. Annually, $550 billion in goods are shipped from sites in New York and another $597 billion in goods are shipped to sites in New York, mostly by truck.

“These conditions are only going to get worse if greater funding is not made available at the local, state and federal levels,” said Will Wilkins, TRIP’s executive NY_Binghamton_TRIP_Infographic_Jan_2016director. “Without additional transportation funding New York’s transportation system will become increasingly deteriorated and congested, the state will miss out on opportunities for economic growth and quality of life will suffer.”

NEW YORK’S TOP TRANSPORTATION ISSUES 

Meeting the State’s Need for Safe, Smooth and Efficient Mobility

JANUARY 2016

Executive Summary

Eight years after the nation suffered a significant economic downturn, New York’s economy continues to rebound. The rate of economic growth in New York, which will be greatly impacted by the reliability and condition of the state’s transportation system, continues to have a significant impact on quality of life in the Empire State.

An efficient, safe and well-maintained transportation system provides economic and social benefits by affording individuals access to employment, housing, healthcare, education, goods and services, recreation, entertainment, family, and social activities. It also provides businesses with access to suppliers, markets and employees, all critical to a business’ level of productivity and ability to expand. Conversely, reduced accessibility and mobility – as a result of traffic congestion, a lack of adequate capacity, or deteriorated roads, highways, bridges and transit facilities – diminishes a region’s quality of life by reducing economic productivity and limiting opportunities for economic, health or social transactions and activities.

With a wide based economy including finance, manufacturing, technology, communications, printing, entertainment, shipping, publishing, agriculture and tourism, the quality of New York’s transportation system will play a vital role in the state’s level of economic growth and quality of life.

In this report, TRIP looks at the top transportation issues faced in New York as the state addresses its need to modernize and maintain its roads, highways, bridges and transit systems.

In December 2015, Congress passed and the president signed into law a long-term federal surface transportation program that includes modest funding increases and allows state and local governments to plan and finance projects with greater certainty through 2020. The Fixing America’s Surface Transportation Act (FAST Act) provides approximately $305 billion for surface transportation with highway and transit funding slated to increase by approximately 15 and 18 percent, respectively, over the five-year duration of the program. While the modest funding increase and certainty provided by the FAST Act are a step in the right direction, , the funding falls far short of the level of needed to improve conditions and meet the nation’s mobility needs and fails to deliver a sustainable, long-NY_Buffalo_TRIP_Infographic_Jan_2016term source of revenue for the federal Highway Trust Fund.

COST TO NEW YORK MOTORISTS OF DEFICIENT ROADS

An inadequate transportation system costs New York motorists a total of $24.9 billion every year in the form of additional vehicle operating costs (VOC), congestion-related delays and traffic crashes.

  • TRIP estimates that New York roadways that lack some desirable safety features, have inadequate capacity to meet travel demands or have poor pavement conditions cost the state’s residents approximately $24.9 billion annually in the form of additional vehicle operating costs (including accelerated vehicle depreciation, additional repair costs, and increased fuel consumption and tire wear), the cost of lost time and wasted fuel due to traffic congestion, and the financial cost of traffic crashes.
  • TRIP has calculated the average cost to drivers in the state’s largest urban areas as a result of driving on roads that are deteriorated, congested and lack some desirable safety features. The chart below details the costs to drivers in the state’s largest urban areas.

NY2 POPULATION AND ECONOMIC GROWTH IN NEW YORK

Population and economic growth in New York have resulted in increased demands on the state’s major roads and highways, leading to increased wear and tear on the transportation system.

  • New York’s population reached approximately 19.7 million residents in 2014, an 18 percent increase since 1990.
  • New York had 11.2 million licensed drivers in 2013.
  • Vehicle miles traveled (VMT) in New York increased by 21 percent from 1990 to 2013 –from 106.9 billion VMT in 1990 to 129.7 billion VMT in 2013.
  • Vehicle miles of travel in New York for the first ten months of 2015 were 3.3 percent higher than the first ten months of 2014. During the first ten months of 2015, U.S. vehicle miles of travel were 3.4 percent higher than the first ten months of 2014.
  • By 2030, vehicle travel in New York is projected to increase by another 15 percent.
  • From 1990 to 2013, New York’s gross domestic product, a measure of the state’s economic output, increased by 46 percent, when adjusted for inflation. U.S. GDP increased 65 percent during this time.

NEW YORK ROAD CONDITIONS

A lack of adequate state and local funding has resulted in more than one third of major urban roads and highways in New York having NY_Poughkeepsie-Newburgh_TRIP_Infographic_Jan_2016pavement surfaces in poor condition, providing a rough ride and costing motorist in the form of additional vehicle operating costs.

  • Thirty-eight percent of New York’s major locally and state-maintained urban roads and highways have pavements in poor condition, while an additional 42 percent of the state’s major state and locally maintained urban roads are rated in mediocre or fair condition and the remaining 21 percent are rated in good condition.
  • Roads rated in poor condition may show signs of deterioration, including rutting, cracks and potholes. In some cases, poor roads can be resurfaced, but often are too deteriorated and must be reconstructed.
  • Driving on rough roads costs New York motorists a total of $6.3 billion annually in extra vehicle operating costs. Costs include accelerated vehicle depreciation, additional repair costs, and increased fuel consumption and tire wear.
  • The chart below details pavement conditions on major urban roads in the state’s largest urban areas:

 NY3NEW YORK BRIDGE CONDITIONS

Nearly two-fifths of locally and state-maintained bridges in New York show significant deterioration or do not meet current design standards often because of narrow lanes, inadequate clearances or poor alignment. This includes all bridges that are 20 feet or more in length.

  • Twelve percent of New York’s bridges are structurally deficient. A bridge is structurally deficient if there is significant deterioration of the bridge deck, supports or other major components. Structurally deficient bridges are often posted for lower weight or closed to traffic, restricting or redirecting large vehicles, including commercial trucks and emergency services vehicles.
  • Twenty-seven percent of New York’s bridges are functionally obsolete. Bridges that are functionally obsolete no longer meet current highway design standards, often because of narrow lanes, inadequate clearances or poor alignment.
  • The chart below details bridge conditions in the state’s largest urban areas as well as statewide:

NY4HIGHWAY SAFETY AND FATALITY RATES IN NEW YORK

New York’s rural traffic fatality rate is approximately three-and-a-half times the fatality rate on all other roads in the state. Improving safety features on New York’s roads and highways would likely result in a decrease in the state’s traffic fatalities and serious crashes. It is estimated that roadway features are likely a contributing factor in approximately one-third of all fatal and serious traffic crashes.

  • Between 2010 and 2014 a total of 5,775 people were killed in traffic crashes in New York, an average of 1,155 fatalities per year.
  • New York’s overall traffic fatality rate of 0.92 fatalities per 100 million vehicle miles of travel in 2013 is lower than the national average of 1.09.
  • The chart below details the average number of fatalities in each of the state’s largest urban areas from 2011-2013 as well as the annual cost of traffic crashes for the average driver in each area.
  • NY5The fatality rate on New York’s rural non-Interstate roads was 2.15 fatalities per 100 million vehicle miles of travel in 2013, approximately three-and-a-half times the 0.61 fatality rate on all other roads and highways in the state.

 

  • Roadway features that impact safety include the number of lanes, lane widths, lighting, lane markings, rumble strips, shoulders, guard rails, other shielding devices, median barriers and intersection design. The cost of serious crashes includes lost productivity, lost earnings, medical costs and emergency services.
  • Several factors are associated with vehicle crashes that result in fatalities, including driver behavior, vehicle characteristics and roadway features. TRIP NY_Rochester_TRIP_Infographic_Jan_2016estimates that roadway features are likely a contributing factor in approximately one-third of fatal traffic crashes.
  • Where appropriate, highway improvements can reduce traffic fatalities and crashes while improving traffic flow to help relieve congestion. Such improvements include removing or shielding obstacles; adding or improving medians; improved lighting; adding rumble strips, wider lanes, wider and paved shoulders; upgrading roads from two lanes to four lanes; and better road markings and traffic signals.
  • Investments in rural traffic safety have been found to result in significant reductions in serious traffic crashes. A 2012 report by the Texas Transportation Institute (TTI) found that improvements completed recently by the Texas Department of Transportation that widened lanes, improved shoulders and made other safety improvements on 1,159 miles of rural state roadways resulted in 133 fewer fatalities on these roads in the first three years after the improvements were completed (as compared to the three years prior).   TTI estimates that the improvements on these roads are likely to save 880 lives over the next 20 years.

NEW YORK TRAFFIC CONGESTION

Increasing levels of traffic congestion cause significant delays in New York, particularly in its larger urban areas, choking commuting and commerce. Traffic congestion robs commuters of time and money and imposes increased costs on businesses, shippers and manufacturers, which are often passed along to the consumer.

  • Based on Texas Transportation Institute (TTI) estimates, the value of lost time and wasted fuel in New York is approximately $12.4 billion per year.
  • The chart below details the annual cost to the average motorist of lost time and wasted fuel as a result of congestion, as well as the number of hours lost annually to congestion by the average driver in the state’s largest urban areas.
  • NY6
  • Increasing levels of congestion add significant costs to consumers, transportation companies, manufacturers, distributors and wholesalers and can reduce the attractiveness of a location to a company when considering expansion or where to locate a new facility. Congestion costs can also increase overall operating costs for trucking and shipping companies, leading to revenue losses, lower pay for drivers and employees, and higher consumer costs.

 

TRANSPORTATION FUNDING IN NEW YORK

Investment in New York’s roads, highways and bridges is funded by local, state and federal governments.  The recently approved five-year federal surface transportation program includes modest funding increases and provides states with greater funding certainty, but falls far short of providing the level of funding needed to meet the nation’s highway and transit needs. The bill does not include a long-term and sustainable revenue source.

  • From 2009 to 2013, the federal government provided $1.45 for road improvements in New York for every dollar the state paid in federal motor fuel fees.
  • According to the 2015 AASHTO Transportation Bottom Line Report, a significant boost in investment in the nation’s roads, highways, bridges and public NY_Syracuse_TRIP_Infographic_Jan_2016transit systems is needed to improve their condition and to meet the nation’s transportation needs.
  • AASHTO’s report found that annual investment in the nation’s roads, highways and bridges needs to increase 36 percent, from $88 billion to $120 billion, to improve conditions and meet the nation’s mobility needs, based on an annual one percent rate of vehicle travel growth. Investment in the nation’s public transit system needs to increase from $17 billion to $43 billion.
  • The 2015 AASHTO Transportation Bottom Line Report found that if the national rate of vehicle travel increased by 1.4 percent per year, the needed annual investment in the nation’s roads, highways and bridges would need to increase by 64 percent to $144 billion. If vehicle travel grows by 1.6 percent annually the needed annual investment in the nation’s roads, highways and bridges would need to increase by 77 percent to $156 billion.
  • Vehicle miles of travel in New York were 3.6 percent higher during the first nine months of 2015, compared to the first nine months of 2014. U.S. vehicle miles of travel were 3.5 percent higher during the first nine months of 2015, compared to the first nine months of 2014.

TRANSPORTATION AND ECONOMIC GROWTH IN NEW YORK

The efficiency of New York’s transportation system, particularly its highways, is critical to the health of the state’s economy. Businesses rely on an efficient and dependable transportation system to move products and services. A key component in business efficiency and success is the level and ease of access to customers, markets, materials and workers.

  • Annually, $550 billion in goods are shipped from sites in New York and another $597 billion in goods are shipped to sites in New York, mostly by truck.
  • Seventy-two percent of the goods shipped annually from sites in New York are carried by trucks and another 23 percent are carried by courier services or multiple mode deliveries, which include trucking.
  • Businesses have responded to improved communications and greater competition by moving from a push-style distribution system, which relies on low-NY_Utica_TRIP_Infographic_Jan_2016cost movement of bulk commodities and large-scale warehousing, to a pull-style distribution system, which relies on smaller, more strategic and time-sensitive movement of goods.
  • Increasingly, companies are looking at the quality of a region’s transportation system when deciding where to re-locate or expand. Regions with congested or poorly maintained roads may see businesses relocate to areas with a smoother, more efficient and more modern transportation system.
  • Highway accessibility was ranked the number two site selection factor behind only the availability of skilled labor in a 2013 survey of corporate executives by Area Development Magazine.
  • The Federal Highway Administration estimates that each dollar spent on road, highway and bridge improvements results in an average benefit of $5.20 in the form of reduced vehicle maintenance costs, reduced delays, reduced fuel consumption, improved safety, reduced road and bridge maintenance costs and reduced emissions as a result of improved traffic flow.

Sources of information for this report include the New York State Department of Transportation (NYSDOT), the Federal Highway Administration (FHWA), the Bureau of Transportation Statistics (BTS), the U.S. Census Bureau, the Texas Transportation Institute (TTI, the American Association of State Highway and Transportation Officials (AASHTO) and the National Highway Traffic Safety Administration (NHTSA).

Past and Future Innovations in America’s Infrastructure

Many of the materials and tools used to build America’s infrastructure are still utilized today, while new tools are being developed to improve America’s infrastructure for the future. In more recent years, the country’s innovations have been reflected not only on the land but also in the sky—in the airplanes and rockets that have enabled our country to connect to the rest of the world with greater swiftness and ease. While these latter accomplishments are in part attributable to advances in science, including in the use of titanium, the earlier ones described in this infographic were dependent on a few archetypal figures: industrial titans, inventors, and skilled tradesmen. Learn more about “The Tradesmen That Built America” from the following infographic compiled by Tulsa Welding School.

skilled-tradesmen-that-built-america

AEM Launches Competition to Address $3.6 Trillion 
Infrastructure Problem in America

Infrastructure Vision 2050“Infrastructure Vision 2050” Challenge Competition to Award $150,000 
to Innovative Infrastructure Solutions

 

The Association of Equipment Manufacturers (AEM) today announced the Infrastructure Vision 2050 Challenge— a three-phased, crowd-sourced competition to award a total of $150,000 in prizes for innovative ideas to overhaul the crumbling infrastructure that Americans rely upon to move people, materials, products, services and information.

Open to everyone everywhere, the Infrastructure Vision 2050 Challenge leverages the HeroX crowdsourcing model designed to bring about radical business, technological and social innovation benefiting local and global communities, inspiring new industries and catalyzing markets.

“The United States is the strongest and largest economy in the world and yet the overall quality of our infrastructure is falling dramatically behind our global competitors,” said Dennis Slater, AEM president. “AEM’s members thought it was time to break the cycle of patchwork fixes and deferred maintenance and lead the conversation in a different direction.”

“We need to engage innovators who we haven’t heard from before and who have the ability to imagine how people, freight, energy and information will move in the country of tomorrow – even as far out as the year 2050,” Slater added. “With the HeroX crowdsourcing model, we’re confident we can bring these solutions to life.”

“HeroX was founded on our conviction that the crowd – everyday people with great ideas – can and will solve the world’s most pressing problems,” said HeroX CEO, Christian Cotichini. “The Infrastructure Vision 2050 Challenge moves the U.S. infrastructure conversation beyond traditional political channels for the first time and gives everyone affected by these issues a chance to voice their opinions and find solutions.”

The American Society of Civil Engineers’ 2013 Report Card for America’s Infrastructure gave the U.S. a combined grade of D+ for the condition of its infrastructure. The report cites the nation’s 70,000 (one-in-nine) structurally-deficient bridges, the fact that 42% of America’s major urban highways remain congested, costing the economy an estimated $101 billion in wasted time and fuel annually, and an estimated 240,000 annual water main breaks as examples for why rebuilding the country’s infrastructure is such a critical issue. The report further estimates that it would take a $3.6 trillion investment by 2020 to bring U.S. infrastructure up to exceptional standards.

Competition Phases, Judging and Prizes
Finalists and winners of the three-phased Infrastructure Vision 2050 Challenge will be determined by a judging panel and crowd voting. The first two phases launch today. The third phase is scheduled to launch in mid-summer, 2016.

First phase: The “Complain Phase” will engage the public to describe the biggest infrastructure challenge facing their community.
Total Prize: $5,000 (10 finalists receive $250; overall winner receives $2,500)
Deadline to enter: March 15, 2016

Second phase: The “Dream Phase” will seek to solicit new thinking and solutions, especially from non-experts.
Total Prize: $45,000 (5 winners receive $9,000 each)
Deadline to enter: May 31, 2016

Third phase: The “Build Phase” takes the second phase a step further and solicits plans to implement those solutions on a larger scale.
Total Prize: $100,000 (Winner receives $100,00)
Deadline to enter: TBD

Judging criteria and other information can be found at the Infrastructure Vision 2050 Challenge website.

About AEM http://www.aem.org AEM is a trade association that provides services on a global basis for companies that manufacture equipment, products and services used worldwide in the following industries: Agriculture, Construction, Forestry, Mining and Utility. AEM’s membership is made up of more than 850 companies and represents 200+ product lines. Twitter: @aemadvisor Facebook: https://www.facebook.com/AssociationofEquipmentManufacturers

About HeroX http://www.herox.com Founded in 2013, HeroX exists at the intersection of crowdsourcing, competition and collaboration, using each to drive positive change. A suite of tools and services to help spark and build awareness for new solutions to social and economic challenges, the HeroX incentive prize platform connects funding companies and individuals with problem solvers. Twitter: @Iamherox Facebook: https://www.facebook.com/IamHeroX