The Doge Momentum Index is now at a 12-year high. Economists report that the progress is led by a 77% rise in the institutional category—in just the last three months. Of course those in the industry know that there are still obstacles to overcome on the path to a bright looking future.
Pent Up Demand?
The uptick in the institutional sector…seems to be driven by longer-term optimism about the country’s overall progress against COVID-19, even as the hurdles that threaten to hinder construction’s emerging recovery remain in the near term. “The institutional component of the Dodge Momentum Index had posted a long string of declines in the immediate wake of the pandemic as state and local governments grew concerned with the potential for widening budget gaps,” said Richard Branch, Dodge’s chief economist….”However, since hitting a low in January 2021, institutional planning has risen to levels not seen in over 10 years driven by healthcare, labs, and education projects.”
The availability and pricing of materials may remain perplexing—but here’s what’s no longer a challenge: obtaining, managing and monitoring the bid, performance and payment bonds that you’ll need. Come to Colonial Surety—we’ve taken the pain out of the bonding process that used to make us all itchy. Let’s get you going on the new way today. Contractors who complete a brief (we promise!) pre-qualification for Colonial’s surety line of credit receive, for free, Dun & Bradstreet scores. Use them for immediate insights into your business.
Contractors who pre-qualify for Colonial’s surety line of credit upload a few more documents. Once approved for The Partnership Account®, you’ll:
- Use your private Owner’s Dashboard® for a personal window into your underwriting profile. Review the statistical analysis of your financial statements and free Dun and Bradstreet scores, profitability, and more.
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- Clearly see your bonding limits, and always have direct access to our underwriter if you need the excess capacity to bid on a job.
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Planning vs Actual Spending: Timelines
The Dodge Momentum Index gauges the planning of projects. Usually, actual construction spending occurs about 12 months later. Accordingly, 2022 is looking very promising in the institutional sector indeed. There is also optimism that roads and bridges will get the attention (and funding) needed across the country, and work has already achieved lift off at many of our airports. Experts predict that material costs and shortages will continue to pose challenges across the industry—but innovative new building materials are on their way too.
If you are getting the feeling that there is no time to lose, you’re right. What’s the next bid your business is hoping to win? Come on—get armed with The Partnership Account® from Colonial Surety Company. Then, you’ll go after lots of new projects with speed and confidence — knowing your bidding and financial information is secure.
Colonial is built on reliability, affordability and dependability. Founded in 1930, we have proven long-term financial stability; we’re licensed in every single state in the U.S.; we are listed by the U.S. Treasury as an approved surety; and we’re rated “A” Excellent by A.M. Best – an accolade of which we are extremely proud. Let’s Partner!