Week of May 6, 2024
US Proposes $4.5 Billion Investment in Ten New Transmission Projects
The United States could allocate up to $4.5 billion in funding for ten high-priority transmission projects, aiming to bolster the country's energy infrastructure. These projects span various regions and will be fast-tracked due to their "high priority" nature.
The proposed transmission projects, like the Grain Belt Express line, will increase transmission capabilities along interstate corridors. Other projects will connect the fast growing 13-state PJM grid with Ontario's electric system and link the Southwest Power Pool with tribal nations and Midcontinent Independent System Operator's southern region.
The projects will enhance the capacity, efficiency, and resilience of the nation's electricity grid, facilitating the integration of renewable energy sources, which equate to about 20% of grid capacity, and supporting the transition to cleaner energy.
Unemployment Predicted to Rise as Labor Market Slows
The Conference Board predicts a slowdown in US job growth, with the employment trends index falling to 111.25 in April, compared to 112.16 in March. Though the labor market is cooling, large-scale job loss is unlikely due to labor shortages.
The Employment Trends Index is a composition of eight indicators that mirrors the employment rate. The Index has been decreasing since March 2022, following a post-pandemic uptick.
Despite the deceleration, the labor market is anticipated to remain tight, with the unemployment rate increasing slightly to 3.9%, which could continue to put upward pressure on wages.
According to The Conference Board, decreases in consumer demand of goods and services will be the primary driver of a slowing economy going forward into 2024, alongside ongoing wage increases and high interest rates that raise costs for businesses.
May 6, 2024
LaBella Associates (LaBella), a New York-based architecture, engineering, planning, and consulting firm, has acquired ENGR3, a Georgia-based mechanical, electrical, and plumbing engineering consulting firm. The acquisition expands LaBella's MEP team in the Southeast U.S. and supports their growth in the building design sector. Jeff Roloson, President of LaBella, commented, "It's exciting to find the combination of quality and efficiency that the ENGR3 team offers. Our ability to provide integrated, multi-disciplinary expertise is why clients continuously choose LaBella."
May 6, 2024
Traffic & Mobility Consultants (TMC), a Florida-based engineering and consulting services firm serving the traffic and transportation engineering sector, backed by Grovecourt Capital Partners, has acquired Lincks & Associates (Lincks), a Florida-based transportation and traffic engineering services firm. Lincks bolsters TMC's expertise and builds upon complementary client portfolios of both firms. This is TMC's second acquisition in Florida and part of its strategy to serve customers statewide. Mohammed Abdallah, CEO of TMC, commented, "We're thrilled to partner with Lincks & Associates and bring this outstanding team into the TMC group. Their relationships and stellar reputation in the Tampa area perfectly complement our shared vision and strategic growth."
May 7, 2024
Sterling Investment Partners (Sterling), a Connecticut-based private equity firm, has acquired Verdantas, an Ohio-based provider of environmental science, engineering, and consulting services across industrial, energy, government, water, transportation, real estate, and technology end-markets, from Round Table Capital Partners (RTC). Verdantas management, employees, and RTC will maintain significant equity interests in the Company. Jesse Kropelnicki, CEO of Verdantas, said, "With RTC's entrepreneurial mindset and strategic backing, we've built a solid foundation for sustained, industry-leading growth with a positive work culture. Our entire organization is deeply grateful for their trust and support over the past four years."
May 9, 2024
STV, a Pennsylvania-based infrastructure-focused professional services firm, backed by The Pritzker Organization, has acquired MEHTA and Associates, Inc. (MEHTA), a Florida-based engineering and construction engineering inspection firm specializing in civil works and transportation infrastructure projects. MEHTA will now be known as MEHTA Engineering, an STV Company. The acquisition better positions STV to support future growth and economic development across the state of Florida. Greg Kelly, CEO of STV, commented, "We couldn't be more excited about the reputation and deep client relationships MEHTA brings to STV. As we continue to expand in this rapidly growing region, we look forward to deepening our client relationships in Florida, scaling up our services and investing in the MEHTA team to create more career opportunities for our newest colleagues."
This week, the Philadelphia chapter of the Jacobs Careers Network participated in the 2024 Philly Spring Clean Up event. Their efforts, in collaboration with the Belmont Plateau Trails Alliance (BPTA), focused on cleaning up litter and illegal dumping, with the ambitious goal of removing 1 million pounds of trash from the city.
Since its inception in 2008, this annual cleanup event has seen 200,000 volunteers collectively eliminate over 11.4 million pounds of trash and 950,000 pounds of tires from city streets. The commitment of volunteers and organizations like Jacobs significantly contributes to maintaining clean and safe urban environments.