By Kim Slowey for The Construction Broadsheet
One of the big selling points of the recently passed, $1.2 trillion Infrastructure Investment and Jobs Act was that it would create opportunities in the construction industry.
The IIJA includes approximately $550 billion of new spending, including $110 billion for roads and bridges, $66 billion for railroads, $65 billion for power grid upgrades, $65 billion for broadband and $63 billion for water infrastructure.
While much of the legislation’s push centered around “good-paying union jobs” for workers, the prospect of more work no doubt has many contractors thinking about how they can take part in the potential payday as well.
Along with that opportunity, however, will come the need for surety bonds. That means contractors with existing bonding programs should get ready to expand it, and those who have never been bonded should get their financial houses in order and start shopping around for an experienced broker.