It’s been two years since the Infrastructure Investment and Jobs Act (IIJA) provided a five year allocation, totalling $1.2 trillion federal dollars, for long neglected projects. What’s been accomplished with the IIJA dollars so far? What’s next? Read on for a progress update.
The IIJA: A State By State Update
To provide a bird’s eye view of the ways federal funds, and the private dollars that have been kicked in alongside them, are in use, the White House offers this map of infrastructure projects underway around the country. For more details about the infrastructure builds (both happening and anticipated) in each region, state fact sheets have also been made available. Summarizing the progress on IIJA progress to date, Construction Dive shares:
- So far, nearly $400 billion has been announced for over 40,000 projects across the country….
- The largest portion of IIJA money is flowing to road and bridge construction…followed by rail, broadband, power and water projects.
- The White House identified rapid job gains since January 2021 in two major construction sectors: heavy and civil engineering, up by 9%, and building construction, up by more than 11%. They are largely driven in recent months by employment growth in highway, street and bridge construction as well as construction of nonresidential buildings, particularly manufacturing facilities, airports, bus terminals, factories and warehouses, its research shows.
Along with the progress, of course there are also challenges with the implementation of the ambitious IIJA plans. For example, not everyone agrees with the Build America, Buy America rules (BABA), and the construction industry continues to face labor shortages. Then too, as IIJA funding continues to be funneled through hundreds of different programs, coordinated through many federal, state and local entities, the complexities involved in getting projects off the ground are many.
Nonetheless, civic works of all kinds are finally getting long awaited attention, with the big projects generating smaller spin off works too. Successful contractors find that speedy and easy bid and performance bonds from Colonial Surety give them an edge on the competition. Qualify for The Partnership Account® and you’ll even use our power of attorney to issue your own bid bonds, in minutes. Win more work than ever as you leverage your:
- surety line of credit—in writing;
- private digital dashboard;
- daily snapshot of single and aggregate limits
- ability to update work on hand—and increase your aggregate.
Get started right now—and get your free financial scores too:
Pre-Qualify for The Partnership Account® for Contractors
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. Let’s connect today: Colonial Surety.