Containers come in. Containers go out. That’s the role of ports. Unfortunately, the bridge and depth limitations of aging ports across the country make it hard, if not impossible, for large, modern container ships to operate in our aging ports. That’s why billions in federal aid has been allocated to get port improvement projects flowing in 2022.
Investing Billions in Port Infrastructure
As Reuters has reported, numerous U.S. ports are in dire need of attention, attributable in part to “bridge or depth limitations that restrict their ability to receive larger vessels, while a surge of cargo is straining land operations at some ports.” Ambitious improvements are already underway in many port cities, including Baltimore, to alleviate congestion. Hopes are high that the $17 billion allocation for ports in the Infrastructure Investment and Jobs Act will contribute to increased cargo flow in ports across the country. Additionally, Construction Dive reports that $241 million in grants from the United States Maritime Administration Port Infrastructure Development Program (PIDP) have been allocated for 25 port projects in 19 states. This funding is anticipated to continue flowing over the next several years:
The PIDP will then nearly double that amount to $450 million in grants annually for the next five years via funds from the IIJA, — $2.25 billion total — for fiscal years 2022 through 2026. “The effects of the disruption of the supply chain this past year have been felt by business lines and families across the country and the world,” said Fitz O’Donnell, senior vice president of operations at St. Louis-based McCarthy Building Cos. “The image of so many ships waiting to call on our ports has served as a collective call to action to develop solutions.” The American Road and Transportation Builders Association (ARTBA) pegged port and waterway construction market activity to grow 6% in 2022, according to a 2022-2026 market analysis.
Of course the flow of publicly funded projects around the country will require surety bonds—and Colonial Surety is here to help. With The Partnership Account for Contractors® you get to produce Your Own Bid Bonds—in minutes—and more:
We give qualified contractors an edge. As a direct underwriter of bonds based on the strength of financial statements, we give builders power of attorney to issue their own bid bonds. Plus, we provide a rich array of complimentary services, including: direct access to performance and payment bonds on a customized dashboard; real time tracking of bids and work on hand—and immediate access to Colonial’s lead underwriter as new opportunities emerge.
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Improving the supply chain requires faster and more efficient transportation for cargo once it’s off the ships too. Clearly, skilled freight brokers are in big demand. Plans and funds are in the works for long overdue construction on bridges, tunnels, and roads across the country. The federal infrastructure package aims to propel progress with allocations including $110 billion for roads, bridges and major infrastructure projects; $66 billion for passenger and freight rail improvements; $65 billion for broadband improvements; $65 billion to rebuild the electrical grid; $39 billion to modernize public transit; and, $25 billion for airports. The anticipated public contracts across the country mean a lot to construction companies. That’s why The Partnership Account® from Colonial Surety is so helpful. In addition to a surety line of credit—in writing, The Partnership Account® gives qualified construction companies:
- 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.
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.