Lots of the action for contractors now—and in the foreseeable future—is, in one way or another, tied to publicly funded builds. In addition to the billions of federal and state allocations moving infrastructure forward, $39 billion has been set in motion to build semiconductor manufacturing plants. Knock, knock?
In Real Time
It’s always wise for builders to keep an eye on the flow of money for publicly funded builds, and that’s especially true now: not only is funding for infrastructure manifesting in the form of projects across the country, first round applications are already underway for slices of the $39 billion in CHIPS and Science Act dollars for semiconductor manufacturing. Leaders expect a multitude of direct and indirect opportunities for builders as a result of the sweeping public vision behind CHIPS. While getting manufacturing going is an initial priority, it is just the beginning, according to Gina Raimondo, the Secretary of the Commerce Department: “Our success will be short-lived if we focus only on manufacturing….The $39 billion in incentives will bring semiconductor manufacturing back to the U.S., but a robust R&D ecosystem will keep it here.” In addition to the construction of manufacturing plants, builders can anticipate projects aimed at standing up research and development facilities—in real time. As Construction Dive reports, 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.”
Coming Your Way?
Whatever new opportunities are coming your way, you’ve got it get in it to win it, right? Let’s talk. Colonial’s helping builders grow their businesses, strategically, one step at a time via The Partnership Account® for Contractors, which provides:
- Control of bidding and bonding, online and in real time.
- Powers of attorney to seal and issue their own bid bonds—in minutes.
- Fast, direct, confidential bid bonds—no middleman.
- Direct access to performance and payment bonds on a customized dashboard.
- Real time tracking of bids and work on hand.
- Immediate access to Colonial’s lead underwriter as new opportunities emerge.
- A private Owner’s Dashboard to view surety lines, adjust work and analyze bids.
Good To Know
Already, the construction or expansion of several semiconductor manufacturing plants have been announced around the country. For example:
- Applied Materials recently announced a multi-billion dollar plan to increase its manufacturing capacity and build a new R&D facility in Sunnyvale, California.
- Dallas-based Texas Instruments similarly announced plans to invest $11 billion to extend its semiconductor wafer fabrication plant in Lehi, Utah, last week.
- Micron Technologies broke ground on an Idaho memory fabrication plant in October
Funding of $11 billion has also been allocated for a National Semiconductor Technology Center (NSTC). Construction Dive shares this statement from leadership about the role it is envisioned the NSTC will play in constructing the future: “The NSTC will be an ambitious public-private partnership where government, industry, customers, suppliers, educational institutions, entrepreneurs, and investors converge to innovate, connect, and solve problems….We envision a network of several centers around the country, solving the most impactful, relevant and universal R&D challenges in the industry.” Overall, building for the sciences—including life sciences–is anticipated to continue at high demand as medical centers, academic institutions and research centers also expand their capabilities.
Colonial Surety is here to help builders meet the future with expanded capabilities 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:
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.