Promised public dollars are becoming tangible in the form of projects across the country, and the flow of funds and builds in real time is anticipated to continue propelling construction opportunities. For example, the Department of Energy recently announced $6.3 billion to speed up the decarbonization of polluted manufacturing areas around the country.
Drawing on $5.46 billion from the Inflation Reduction Act and $430 million from the Infrastructure Investment and Jobs Act (IIJA), the Department of Energy’s new Industrial Demonstration Program is springing into action. Construction Dive explains that the initiative is part of federal leadership’s commitment “to reduce emissions in the industrial sector, which make up nearly a quarter of the U.S.’s carbon footprint”:
The Department of Energy will dole out $6.3 billion in funding to accelerate decarbonization projects in the country’s top polluting manufacturing sectors. Grants will be awarded to early stage commercial scale projects in industries including iron and steel, chemicals and refining, and food and beverage…The department’s newly created Industrial Demonstrations Program will fund up to 50% the cost of each project. “Today’s announcement is yet another exciting step in the race to fully decarbonize our heavy industries … while ensuring America’s manufacturing sector stays strong and competitive,” U.S. Secretary of Energy Jennifer M. Granholm said in a statement.
In addition to administering the new decarbonization funding, the Department of Energy is also managing billions that has been previously allocated for domestic battery manufacturing in support of the push for green transportation. Construction industry experts point to a variety of publicly funded builds driving action. For example, in addition to the infrastructure efforts, the competition is already on for funds from the CHIPS and Science Act supporting semiconductor manufacturing. Construction Dive reports that by 2030 the goal is to have “two large-scale clusters of semiconductor fabs.…Each cluster will include a surrounding supplier ecosystem, R&D facilities and specialized infrastructure.”
Flowing Your Way?
Whatever new opportunities are coming down the pike in your region, don’t miss out on your chance to be part of the action in one way or another. Afterall, big projects are known to create a lot of other work in their wake, right? Colonial’s helping builders across the country grow their businesses, strategically, one step at a time via The Partnership Account® for Contractors, which provides:
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Nice To Know: Apprenticeships
Public dollars are making their way into projects to help build the next generation of builders too. For example, the Department of Labor and TradesFutures have established a $20 million agreement “to advance equitable opportunities in the construction industry”:
TradesFutures will use the funds to enroll over 13,000 participants in apprenticeship readiness programs, then place at least 7,000 of them in registered apprenticeships across the country over the next four years. The initiative is in part geared toward staffing projects created by the $1.2 trillion Infrastructure Investment and Jobs Act. The nonprofit will partner with the DOL, the National Urban League and North America’s Building Trades Unions to focus on developing a gateway for women, people of color, veterans, Native Americans and other underrepresented groups to access apprenticeship programs. The project will initially explore programs in Missouri, Ohio, Pennsylvania and Tennessee before expanding to other states.
Colonial Surety is here to help builders move into the future strategically too. Get free insights-and financial scores just for completing a pre-qualification for The Partnership Account® . Once qualified, builders can leverage The Partnership Account® for a surety line of credit—in writing—and a private digital dashboard. Use it to access real time financial intel, including a day to day snapshot of single and aggregate limits and current and available bond capacity. Go ahead: update work on hand, increase your aggregate and move that next project forward. Get started right here, now:
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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. Let’s connect today: Colonial Surety.