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Happy New Year!
Welcome back to this week's issue of the Economic Perspective. We hope everyone had a great time with the holidays and we are excited for the new year!
This week, we bring you articles on highway construction training programs, net neutrality, a lawsuit against the Florida DEP about manatees, and more. Our data visualization this week cover changes in the housing market at the end of 2024.
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Have a great weekend and Happy New year!
$4.2 million Awarded for Highway Construction Training Programs
In December, the Federal Highway Administration (FHWA) announced $4.2 million in grants for 16 programs to recruit, train, and place highway construction jobs. The grants fund activities to train and employ nearly 1,100 jobs under the Highway Construction Training Program funded through the Bipartisan Infrastructure Law. The funding helps to fill shortages in highway construction, maintenance, and operations jobs needed to build and maintain the nation’s roads and bridges. The new programs include training for heavy duty equipment operators, scholarships for pre-apprenticeship and apprenticeship programs, and programs to obtain a commercial driver’s license. The complete list of funded projects is here: Highway Construction Training Program. FHWA Press Release
Permits Acquired for First GTL Facility in North America
The North Dakota Department of Environmental Quality has issued all permits necessary for Cerilon, a Canadian energy company, to build the first gas-to-liquids (GTL) facility in North America. The $3 billion plant will convert natural gas into high-performance synthetic products like Group III base oils, ultra-low sulfur diesel (expected output is 24,000 barrels per day), and naphtha. Project start-up is not expected to occur before 2029, however, with final investment decisions expected in 2026. Read more here.
Federal Appeals Court Overturns FCC Vote on Net Neutrality
A federal appeals court voted yesterday to overturn last year’s Federal Communications Commission’s (FCC) ruling that reinstated net neutrality rules. The April 2024 rule prevented broadband providers from slowing or blocking access to internet content, ensuring all internet traffic is treated equally by internet service providers (ISPs), and preventing them from prioritizing certain content, websites, or applications over others. The panel yesterday pointed to the 2024 Loper Bright Case that overturned the Chevron deference to end the 2024 FCC ruling. FCC's net neutrality rules overturned by court. Biden's net neutrality rules struck down by appeals court
Supreme Court Probes Environmental Review of Utah Oil Railway
The Supreme Court weighed the fate of an 88-mile railroad that would transport crude oil in Utah and whether the federal government conducted a stringent enough environmental review before approving it. During the oral arguments, it appeared that a majority of the justices were in support that the government’s analysis was sufficient. Eagle County, Colorado is currently opposing the railroad against the Seven County Infrastructure Coalition in Utah. The project was originally greenlit by the Surface Transportation Board, but challenged by a U.S. Court of Appeals under the National Environmental Policy Act (NEPA). Supreme Court members on both sides of the aisle seemed to disagree with the U.S. Court of Appeals saying that what opponents of the railroad are asking for goes beyond what the NEPA requires. Read More.
Manatee Lawsuit Against Florida DEP Going to Trial
A lawsuit filed in 2022 against the Florida Department of Environmental Protection by the nonprofit organization Bear Warriors United is now headed for trial. The lawsuit contends that the state did not adequately regulate the discharge of pollution from sewage-treatment plants and septic systems, resulting in die-off of seagrass, a food source on which manatees rely for their survival. A federal judge ruled last week to reject the state’s motion for summary judgement and stated that a trial is needed to determine whether the state has violated the Endangered Species Act by discharging wastewater into the Indian River Lagoon, resulting in destruction of seagrass and manatee deaths. Read more here.
Liquified Natural Gas (LNG) Export Environmental and Economic Impact Study Released
The Biden administration released a study on December 17, 2024, evaluating the economic and environmental impacts of LNG exports. The report advises caution in approving new export permits due to concerns of negative economic and environmental impacts, citing domestic energy price increases and greenhouse gas emissions. The administration had previously paused new permits to assess environmental effects. While the study acknowledges that U.S. natural gas supply can meet domestic and international demand, expanding exports may significantly raise domestic prices, boosting ongoing debates within the industry. Read more on the story here.
Data Visualization of the Week
Existing-Home Sales Elevated 4.8% in November
The National Association of Realtors has recently released their data on November home sales showing a 4.8% increase from October, and a 6.1% year-over-year increase from November 2023. Median housing prices also continue to rise, increasing 4.7% from last November to $406,100. First-time buyers consisted of 30% of the sales in November up from 27% in October, but down from 31% last November. Single-family home prices continue to climb to $410,900, 4.8% from November 2023. This is driven by an increased amount of buyers entering the market as the economy adds jobs, and consumers adjust to a new normal of mortgage rates. Read More here, and see more data here.
Click the visual below for more information.
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