Week of May 27, 2024
U.S. Treasury Proposes Tech-Neutral Tax Credits for Clean Energy Projects
The U.S. Treasury and IRS proposed "technology-neutral" tax credits under Sections 45Y and 48E for various clean energy projects starting next year, aimed at incentivizing domestic clean energy production and enhancing energy independence.
These credits will replace current technology-specific ones and will apply to a range of energy sources, including wind, solar, hydropower, nuclear, and geothermal, with additional incentives for prevailing wages, apprenticeships, and domestic content.
Projects using fossil fuels can qualify if they achieve net-zero emissions through lifecycle greenhouse gas analysis, although concerns were raised about the environmental impact of some biofuel projects.
The credits are expected to significantly reduce greenhouse gas emissions and lower electricity costs by 2035, with projections indicating up to 400 million tons of emission reductions and $34 billion in consumer savings. The public comment period is open for feedback until the Treasury hearing in August.
U.S. Economic Growth Slows Sharply in First Quarter Amid High Prices and Interest Rates
Economic growth in the U.S. slowed significantly in the first quarter of 2024, with GDP growth at a 1.3 percent annual rate, down from 3.4 percent in the previous quarter and lower than the initially reported 1.6 percent. This deceleration is attributed to reduced consumer spending amid rising prices and high interest rates.
The latest data from the Commerce Department provides a more complete picture, revising earlier estimates and showing a decrease in consumer spending growth from 3.3 percent in the last quarter of 2023 to 2 percent in the first quarter of 2024. Measures of underlying demand and alternative growth measures also showed declines, with growth based on income cooling to 1.5 percent from 3.6 percent.
Despite the slowdown, the overall economic outlook remains stable, supported by resilient consumer spending driven by rising incomes and a strong job market with low unemployment and increasing wages. Forecasters do not anticipate an imminent recession, even with the revised data.
Inflation remains a concern, with consumer prices rising at a 3.3 percent annual rate, above the Federal Reserve's 2 percent target. Consequently, policymakers have raised interest rates to their highest levels in decades and plan to maintain them until inflation decreases further, a strategy unlikely to change due to the modestly slower growth.
May 27, 2024
Stellar Development, a Florida-based general contracting firm, has acquired The CGC Group Florida LLC (CGC Group), a Florida-based firm providing pre-construction, construction management, design/build, and owner's representative services across the commercial, healthcare, and industrial sectors. The acquisition of CGC Group significantly bolsters Stellar Development's capabilities. The CGC Group's expertise in private, commercial, healthcare, and industrial markets complements Stellar Development's existing portfolio, positioning the company for robust growth and market leadership.
May 28, 2024
Colliers Engineering & Design (Colliers), a New Jersey-based multi-discipline engineering, architecture, design, and consulting firm, has acquired Phase Zero Design Corporation (Phase Zero Design), a Massachusetts-based commercial architecture, interior design, and branding firm. The acquisition strengthens Colliers' architecture service offerings nationwide and provides new offerings in existing markets. Matt Wittmer, Principal at Phase Zero Design, commented, "Together with Colliers Engineering & Design, we will continue to provide our clients with a unique range of experiences and perspectives that ensure their design visions and goals are achieved."
May 29, 2024
EFCG is pleased to have served as the exclusive financial advisor to Alliance Technical Group (Alliance), an Alabama-based environmental testing and compliance services firm, backed by Morgan Stanley Capital Partners, in its acquisition of RSB Environmental, a Texas-based full-service environmental consulting firm, specializing in turnkey environmental solutions and environmental compliance. The acquisition bolsters Alliance's environmental consulting services and introduces a monthly model for ongoing EHS compliance support. Chris LeMay, CEO of Alliance, commented, "We are excited to welcome our new teammates from RSB Environmental to the Alliance family. RSB Environmental's established expertise and dedication to compliance align perfectly with our mission. This acquisitions allows us to provide a broader range of services and deepen our commitments to helping businesses navigate complex environmental regulations."
May 29, 2024
PRIME AE Group, Inc. (PRIME AE), a Maryland-based architecture and engineering services firm, has acquired Connelly & Wicker (CWI), a Florida-based firm offering civil engineering, highway engineering and design, utility engineering, landscape architecture, and environmental permitting services across the public and private sectors. The acquisition supports PRIME AE's strategic commitment to aggressive investments in the Southeast market, expanding its geographic footprint, service offerings, and capabilities. PRIME AE CEO, Kurt Bergman, commented on the acquisition, "Throughout my career, prioritizing client success through strong relationship building has yielded the greatest results. Integrating CWI into the PRIME AE family reinforces this philosophy and propels our vision for the Southeast forward. We are dedicated to advanced engineering, planning, and design services that set the standard in the industry."
May 30, 2024
Goodwyn Mills Cawood (GMC), a Georgia-based architecture and engineering services firm, has merged with Southland Engineering, a Georgia-based engineering, land surveying, and land planning services firm. The merger strengthens GMC's civil engineering team and enhances their local services by adding surveying in Georgia. Karl Lutjens, President of Southland Engineering, commented, "Naturally, one of the main considerations with any merger is whether the two teams will fit well together. The more we got to know the people at GMC, the more apparent it was that we were aligned in our values and mission and that our services complemented each other well. I'm truly excited for the opportunities joining GMC will provide not only for our team, but for our clients and communities throughout North Georgia.
The ACE Mentor Program of Greater NY, supported by STV, recently celebrated its 30th anniversary. Over the past three decades, the program has awarded more than $3.5 million in scholarships and served over 1,500 students this year alone with support from corporate sponsors. At the anniversary’s Scholarship Luncheon, STV’s Marcos Diaz Gonzalez, chair of the local chapter, highlighted the significance of internships and mentorship. This year's scholarship from STV will enable Penelope Amaya to study architecture at the University at Buffalo.
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