The scale, scope, and complexity of infrastructure challenges in need of attention across the country has upped the imperative for advancing the use of technology. Industry experts observe that the integration of technology and building is essential for the completion of faster, more sustainable, and more cost-efficient construction.
$100 Million Over Five Years
The $1.2 trillion infrastructure bill (aka The Infrastructure Investment and Jobs Act or the IIJA) has specifically earmarked funds to propel the use of technology throughout the construction lifecycle. As Construction Dive reports:
The Infrastructure Investment and Jobs Act (IIJA) includes money for advanced digital construction management systems and related technologies. The program is funded at $20 million per year, for a total of $100 million, over five years. According to the text of the IIJA, the goals of the program are to:
- Maximize interoperability with other systems, products, tools or applications.
- Boost productivity.
- Manage complexity.
- Reduce project delays and cost overruns.
- Enhance safety and quality.
The Coalition for Smarter Infrastructure Investments (CSII) sees the allocation of funds for integrating technology into design, engineering, building and operations as key to achieving a generational leap forward for infrastructure. Trying to push your company forward? Boost your finance and operations efforts with complementary fintech services from Colonial Surety. That’s what you’ll get with The Partnership Account® In addition to giving qualified construction companies a surety line of credit in writing, The Partnership Account® provides construction company owners a wide range of helpful features and benefits, including:
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What Technology will IIJA Funding Cover?
Language about technology in the IIJA is quite broad. However, experts anticipate that the funding is likely to cover these five categories, as reported by Construction Dive:
- Visual-based inspection technologies that connect job sites to engineering offices in real-time, boosting efficiency, reducing risk and accelerating project delivery.
- Construction management tools to administer contracts digitally.
- Electronic ticketing technology to remove the paper from the construction material supply chain.
- 3D modeling and digital twin technology.
- Drones applied to construction, operations, maintenance, and disaster recovery.
Pragmatic Fintech Solution?
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