Caterpillar, Vulcan May Reap Most From Obama Highway Proposal
September 7th | Bloomberg

Caterpillar Inc. and Vulcan Materials Co., struggling with a near three-year construction decline, are among companies that may benefit most from a $50 billion proposal to rebuild U.S. roads, railways and runways.

President Barack Obama’s plan, which needs congressional approval, would pick up the slack when most of the highway stimulus funds under the $814 billion American Recovery and Reinvestment Act are used up next year, said Mike Betts, an analyst with Jefferies Group Inc. in London.

Without Obama’s initiative, highway spending may fall as much as 5 percent next year, causing companies such as Vulcan, the biggest U.S. gravel supplier, and Cemex SAB, the country’s second-biggest cement maker, to miss their targets for volume growth, Betts said.

“The risk of a fall of highway spending for 2011 is receding quickly, and there is a possibility of an increase,” Betts said.  Yesterday, Obama called for Congress to approve spending to rebuild 150,000 miles of road, construct and maintain 4,000 miles of railroad and refurbish 150 miles of runways. The $50 billion plan would be an “up-front investment” that should be accompanied by long-term transportation funding, according to a White House statement.

The House in July approved highway construction funds of $45.2 billion for the fiscal year that begins Oct. 1, a 10 percent increase from the current period. The Senate needs to approve its version of the bill.

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