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Category: Investment, Water
Water Stocks News - American Water (NYSE: AWK) Supports Inclusion of Sustainable Water Infrastructure Investment Act in Jobs Bill
VOORHEES, N.J. - March 5, 2010 - (Investorideas.com water newswire) - American Water, the largest investor-owned U.S. water and wastewater company serving approximately 16 million people in 35 states, strongly supports including H.R. 537, the Sustainable Water Infrastructure Investment Act, in the upcoming jobs bill. The Water Infrastructure Investment Act will generate significant investment through the use of tax-exempt bonds for water and wastewater infrastructure projects and, as a result, could create thousands of jobs.
"Too often, because many of our water assets are buried beneath the ground, the need to invest in water and wastewater systems is over-shadowed by more visible crumbling roads and bridges," said Don Correll, president and CEO of American Water Works Company, Inc. (NYSE: AWK ). "Exemption for bond caps exists for other infrastructure but not for water. Lifting these caps will free up crucial investment dollars and create needed jobs."
Including this legislation will not only address the nation’s deteriorating water and wastewater infrastructure, estimated to be a trillion dollar challenge by the Environmental Protection Agency, it will also generate thousands of jobs and help stimulate the economy. The Association of General Contractors has determined that for every $1 billion of investment in water/wastewater infrastructure, approximately 28,000 jobs are created. A recent report by the Cadmus Group for The U.S. Conference of Mayors also determined that water and wastewater infrastructure investment stimulates the nation’s economy and creates jobs. This report states that for every one dollar of water and sewer infrastructure investment, it is estimated that Gross Domestic Product increases by $6.35 in the long-term. For each additional dollar spent on operating and maintaining water and sewer industry, the increase of revenue or economic output for all industries is increased by $2.62 in that year. In addition, every one job added in water and sewer creates 3.68 jobs in the national economy to support that job.
Founded in 1886, American Water is the largest investor-owned U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs more than 7,000 dedicated professionals who provide drinking water, wastewater and other related services to approximately 16 million people in 35 states, as well as Ontario and Manitoba, Canada. More information can be found by visiting www.amwater.com
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