Capital budget plans, delayed by the coronavirus this spring, are underway, with $2.5 billion proposed for construction across the state.
Time To Build: Schools, Colleges, Roads and More
With interest rates low, officials are looking to state-issued bonds to jumpstart the economy with a variety of needed construction projects across the state. Cleveland,com reports that the proposed $2.5 billion capital budget includes funding for construction projects, renovations and equipment purchases throughout Ohio over the next two years.
Specifically, the budget plan includes about $500 million for the Public Works Commission—some of which would be granted to local governments for roadways and other infrastructure projects. Additional proposed allocations include:
- $452 million for colleges and universities
- $310 million for K-12 school buildings
- $281 million for prisons
Get a Jumpstart
States across the country are looking to construction to rev the economy—and because infrastructure needs attention everywhere. Let Colonial Surety Company help you gear up to bid with a surety line of credit. It is quick and easy to pre-qualify—after entering just a few, bare essentials about the business in our snappy online system, all companies that apply receive their Dun & Bradstreet scores—for free!
Contractors who pre-qualify for a surety line of credit, go on to upload a few more documents that help Colonial better understand their operation and underwrite our unique Partnership Account®.
With plans for public projects getting underway across the country, now’s the time to gear up for success!
Staying Hopeful Amidst The Challenges
To say 2020 has been challenging in unprecedented ways is certainly an understatement at this point! Nonetheless, the construction industry continues to offer bright spots. Although the industry did lose jobs across metro areas this year, Construction Dive reminds us:
Construction’s job performance relative to other sectors was a bright spot, with unemployment rates for construction lower in 20 states in September compared to February, according to the Associated Builders and Contractors.
As you get ready for a new wave of public projects, remember, Colonial Surety Company is here to help. We are ready to arm contractors in every state with faster bid, performance and payment bonds—and a whole lot more.
As a leading, national provider of surety bonds, Colonial Surety Company is arming contractors with fast, digital and direct access to surety bonds—and real time financial intel too. With a Colonial Partnership Account® contractors:
- Gain control of their bidding and bonding, online and in real time.
- Utilize powers of attorney to seal and issue their own bid bonds—in minutes.
- Compete with fast, confidential bid bonds—no middleman.
- Order performance and payment bonds easily from a customized digital dashboard.
- Track bids and work on hand in real time with free management reports.
- Speak directly with Colonial’s lead underwriter as new opportunities emerge.
- Leverage data on a private Owner’s Dashboard to view surety lines, adjust work on hand, analyze bids—and grow.
The future’s coming. Are you ready?
Founded in 1930, Colonial Surety Company is a direct seller and writer of surety bonds and insurance products for a wide range of industries and professions all across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed. Let’s partner!