May 16, 2020

Former Federal Reserve Chairman says Construction Dead in the Water

Residential construction
US Construction
Residential construction
Admin
2 min
Greenspan receives the  Presidential Medal of Freedom from George W. Bush in 2005
Former Federal Reserve Chairman Alan Greenspan has claimed the economic rebound in the US is being held back by a slump in the construction industry.At...

Former Federal Reserve Chairman Alan Greenspan has claimed the economic rebound in the US is being held back by a slump in the construction industry.

At a New York insurance conference yesterday he said: “What we see is that construction is dead in the water,” contrasting this situation with other post-World War 2 recoveries as “every single one of them was led by construction or longer-lived assets.”

The construction industry’s recovery from financial crisis has been challenged by slow wage growth and difficulty in obtaining credit, making many Americans unable to purchase homes. Commerce data showed housing starts at a 1.09 million annualised rate in July, comparing poorly the the 20-year average of about 1.35 million.

Greenspan, 88, who served as Fed Chairman from 1987 to 2006, claimed doubts about the future, including uncertainty over tax rates, have dissuaded businesses from deploying capital.

“What they are saying is ‘we are so uncertain about the distant future that we are not going to invest’”, he said.

The Fed has kept its benchmark rate close to zero since the onset of the financial downturn in 2008 with the aim of sparking economic growth. Greenspan said that while interest rates and inflation would eventually rise, he was unsure when it would occur.

Since leaving the Fed, Greenspan has served as Senior Advisor to Deutsche Bank and an Advisor to hedge-fund Paulson and Co.

Share article

Jul 29, 2021

Environment Agency clamps down on plastic films and wraps

Environment
construction
plastic
Recycling
Dominic Ellis
3 min
Environment Agency aware of plastic film and wrap from the construction and demolition sector being illegally exported

Businesses in the waste and construction industries must ensure they deal with waste plastic properly to stop illegal exports, the Environment Agency (EA) has warned. 

The warning comes as the Agency is increasingly aware of plastic film and wrap from the construction and demolition sector being illegally exported. 

Exports are frequently being classified as ‘green list’ waste of low risk to the environment, but are often contaminated with materials such as mud, sand, bricks and woodposing a risk to the environment and human health overseas, and undermining legitimate businesses in the UK seeking to recover such waste properly.

During the last year, the EA has intercepted shipments to prevent the illegal export of this material on numerous occasions. The Agency inspected 1,889 containers at English ports and stopped 463 being illegally exported. This, combined with regulatory intervention upstream at sites, prevented the illegal export of nearly 23,000 tonnes of waste.

Those convicted of illegally exporting waste face an unlimited fine and a two-year jail sentence. But construction firms could also face enforcement action if contaminated construction and demolition waste plastic is illegally exported.

Malcolm Lythgo, Head of Waste Regulation at the Environment Agency, said it is seeing a marked increase in the number of highly contaminated plastic film and wrap shipments from the construction and demolition industry being stopped by officers.

“I would strongly urge businesses to observe their legal responsibility to ensure waste is processed appropriately, so we can protect human health and the environment now and for future generations. It’s not enough just to give your waste to someone else - even a registered carrier. You need to know where your waste will ultimately end up to know it’s been handled properly. We want to work constructively with those in the construction and waste sectors so they can operate compliantly, but we will not hesitate to clamp down on those who show disregard for the environment and the law.”

There are a number of simple, practical steps that businesses can take to ensure that C&D site waste is handled legally.

Construction businesses should check what’s in their waste

  • Different waste types need different treatments and so must be correctly categorised to ensure it goes to a site that is authorised to handle it safely. Businesses can also check if their waste is hazardous as different rules might apply.
  • If you are removing the waste yourself, you must be a registered waste carrier- registration can be carried out here. When a waste collector is transporting your site waste, you must check they have a waste carrier’s licence from the EA.
  • You must also check that the end destination site any waste is taken to is permitted to accept it and has the right authorisations in place. Keep a record of any waste that leaves your site by completing a waste transfer note or a consignment note for hazardous waste which record what and how much waste you have handed over and where it is going.

Waste management industry must adhere to export controls

  • Contaminated C&D waste plastic - including low-density polyethylene (LDPE) wrap and film - must be exported with prior consent from the EA as well as competent authorities in transit and destination countries.
  • Those involved in the export of such waste must ensure that it meets the requirements set under the relevant export controls, such as being almost free-from contamination; the destination sites are appropriately licensed to receive and treat the waste; and waste is correctly managed once received.

The EA will continue to actively target those who export contaminated C&D plastic waste illegally, including any accredited packaging exporters who issue Packaging Waste Export Recovery Notes (PERNs) against such material in breach of their Conditions of Accreditation.

Businesses involved in the shipment of waste are required to take all necessary steps to ensure the waste they ship is managed in an environmentally sound manner throughout its shipment and during its recycling.

Anyone with information regarding the illegal export of waste including C&D waste plastics can contact the EA’s Illegal Waste Exports team at: [email protected] or anonymously via Crimestoppers on 0800 555 111 or via their website 

Share article