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
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