Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
President Biden Promotes Infrastructure, CHIPS Bills And Economic Agenda in State of the Union Address
WASHINGTON—President Joe Biden in his 72-minute address last night before a divided Congress stressed that the State of the Union is strong and pushed his economic agenda that includes trillions of dollars in funding for infrastructure, climate change and semiconductor manufacturing that is creating tens of thousands of new jobs in the construction industry alone.
During his speech, he touted the passage of the infrastructure bill, the CHIPs Act, the creation of more than 800,000 jobs in the manufacturing sector and low unemployment at 3.4%, a 50-year low. The President also noted that inflation has fallen from its peak last summer and gas prices have also declined by $1.50-per-gallon.
In referencing the many projects funded by the new infrastructure law, President Biden thanked those Republican lawmakers that voted for the bill and took a jab at those who voted against it but whose constituents benefit from the legislation.
“I sincerely thank my Republican friends who voted for the law. And to my Republican friends who voted against it but still ask to fund projects in their districts, don’t worry. I promised to be the president for all Americans. We’ll fund your projects. And I’ll see you at the groundbreaking,” he said.
While GOP lawmakers pushed back on some portions of the speech, initial reaction from New York politicos and trade groups were positive.
New York Gov. Kathy Hochul released a statement in support of the President’s speech, “In his address to the nation, President Biden highlighted significant achievements that are making a difference in the lives of all Americans – including New Yorkers: the Inflation Reduction Act is creating green jobs while fighting the climate crisis, the CHIPS and Science Act is attracting growing, innovative companies like Micron, and the Bipartisan Infrastructure Law is helping once-in-a-generation projects like Gateway to move forward. “There is more work to do in order to make New York and the nation more affordable, more livable and safer.”
New York City Mayor Eric Adams addressed a host of issues covered by the President in his State of the Union address. “This president’s focus on working people is exactly what the nation needs, and his focus on helping Americans care for their children, provide for their families, and put money in their wallets will resonate from coast to coast. The agenda he laid out goes hand-in-hand with what we are doing in New York City — this is a blue-collar president,” he said. “I’m a blue-collar mayor, and we’re both pursuing a blue-collar agenda for working people in New York and across the rest of the nation.” The mayor also agreed with President Biden that gun violence, the opioid epidemic and immigration reform must be addressed.
Carlo A. Scissura, Esq., President and CEO of the New York Building Congress, said, “President Biden has proven time and time again that his administration believes in the power of infrastructure investment as a key contributor to job creation and economic growth,” said “After hearing this idea echoed throughout his State of the Union address, our members stand ready to deliver the U.S. back to infrastructure prominence on the big-ticket projects that will lead to increased livability, accessibility, equity and resiliency for all. Because the President is right: ‘We used to be number one in the world in infrastructure… we’ve sunk to thirteenth…but we’re coming back … and we’re just getting started!’ To that end, our advocacy on this front will remain steadfast, as we seek to expedite funding, and get our industry doing what it does best—building a better America. Let’s ‘finish the job’ indeed.”