This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

State Of The Union: Recovery Measures Will Reach Main Street And Contractors In 2010

WASHINGTON, Jan. 27 /PRNewswire-FirstCall/ -- Onvia, the creator of Recovery.org, a private sector initiative to give businesses transparency into recovery project spending, is forecasting the creation or retention of 1.1 million direct and indirect jobs as a result of stimulus-funded contracting in 2010.  The delayed effect of the stimulus is due to the fact that 75% of the funds allocated for recovery projects did not actually leave Washington DC in 2009, according to Onvia analysts.

"The true impact of the stimulus spending was not felt in 2009, but will be in 2010," said Mike Pickett, CEO of Onvia.  "In 2009, we saw just 25 percent of recovery funds actually leave Washington and reach the contractors and subcontractors that actually create jobs.  Our analysts foresee that the majority of funds will finally reach 'Main Street' in 2010."

Onvia's information, which is updated daily from 89,000 government agencies, reveals the following:

  • Percent of Recovery Act dollars in 2009 that reached contractors and subcontractors that create jobs: 25% ( $68.75 Billion)
  • Percent of Recovery Act dollars in 2009 that did not leave Washington, but are likely to reach contractors in 2010: 75% ( $206.25 Billion)
  • Estimated number of jobs funded by the Recovery Act to date: 509,025
  • Number of Recovery Act jobs forecasted in 2010: 1.1 Million
  • Government spending relative to GDP in 2010: $5.5 trillion, or almost 50% of GDP -- an all time high

"With government spending at $5.5 trillion in 2010, government spending will be nearly half of GDP – an all time high.  Areas like infrastructure, energy and information technology will benefit from plenty of government spending, but it will remain a buyers' market due to fierce competition for contracts.  Welcome to the 'Next Economy' – one in which government and business operate more closely," said Pickett.  

About Onvia

For more than a decade Onvia (Nasdaq: ONVI) has been the leading provider of Business-to-Government solutions in the United States, covering the broadest set of industries, projects and products at every level of government. Thousands of companies rely on Onvia's customized information services to grow sales opportunities, understand buyer and seller activities, and research markets. For information, call 1-800-331-2320 or visit www.onvia.com. To view Economic Recovery-funded projects tracked by Onvia, visit www.recovery.org.

SOURCE Onvia

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs