A regulatory framework included in the Infrastructure Investment and Jobs Act enables hyperloop projects to compete for federal funding for U.S.-based projects. This makes Virgin Hyperloop one of the construction industry’s most watched projects over the next year. Virgin is reportedly on pace to begin commercial operations by 2030.
700 Miles Per Hour?
Could it be that the future is arriving faster by the moment? As Construction Dive reports, moving about at ever faster speeds seems in reach:
The Hyperloop concept, popularized by Elon Musk, incorporates a series of vacuum-sealed tubes that can transport passengers and cargo in low-pressure pods at proposed speeds of over 700 miles per hour. Hyperloop projects and test sites are in various stages of progress around the world…In West Virginia, development is underway on the Virgin Hyperloop Certification Center. First announced in October 2020, the 800-acre site will include testing facilities, training centers and a certification track for hyperloop technology. Virgin Hyperloop intends to achieve safety certifications by 2025 and begin commercial operations by 2030.
Virgin Hyperloop has an active test track in Las Vegas, and is targeting the Midwest, Missouri, North Carolina, and Texas for potential future hyperloop routes in the US. California-based HyperloopTT has conducted a feasibility study for a hyperloop route in the Great Lakes region, and Swiss-American hyperloop company Swisspod has announced the construction of a test track in Colorado.
Although it is hard to predict the future, it’s easy to gear up for the swell of civil construction projects anticipated around the country that will require surety bonds. With The Partnership Account® from Colonial Surety, construction companies get a surety line of credit in writing—and a rich array of competitive advantages too, including:
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Committing To Contech?
Hyperloop technology is not the only tech buzz in construction news. Suddenly, it seems that everyone’s focused on—and investing in—advancing the use of technology across the lifespan of builds. In fact, the 1.2 trillion Infrastructure Investment and Jobs Act (aka IIJA) has specifically earmarked $100 million for technology to bring projects in on time and on budget. Citing a report from CEMEX Ventures, Construction Dive also reports that investments in contech tripled from 2020-2021, with start-ups aimed at enhancing productivity reaping the biggest infusion of cash—a whopping $4.5 billion. Green construction, the supply chain and “tools reshaping the traditional construction process” also experienced strong support from investors
Industry experts observe that the integration of technology and building is essential for the completion of faster, more sustainable and more cost-efficient construction. Colonial Surety’s here to help. Leverage our system to speed up the bonding process—and for competitive advantages to build your business. We underwrite construction companies based on the power of their financial statements, giving qualified builders power of attorney to issue their own bid bonds and a whole lot more. Let’s think big—and leverage technology and financial intel together—quickly! Complete the pre-qualification for your written surety-line of credit and The Partnership Account® today—and receive, for free, Dun & Bradstreet scores.
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Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.