A failure to buttress financial markets will lead to a credit freeze that will cause the cancellation of construction projects, AGC says.

The Associated General Contractors of America has called on Congress to “take swift and decisive action to pass the financial industry rescue package.”

"While there may not be a perfect solution to this complex crisis, a failure to buttress financial markets will lead to a credit freeze that will cause the cancellation of construction projects, bankruptcy of construction firms and unemployment of construction workers," stated AGC's CEO Stephen E. Sandherr. "The availability of credit to finance worthy construction projects is the lifeblood of the commercial construction industry," Sandherr noted.