Although most of the funding from the Infrastructure Investment and Jobs Act (IIJA) has not yet kicked in, funds from 2021s American Rescue Plan (ARP) is in use for a wide variety of public projects across the country. More ARP funded projects are coming soon. High on the list in many states? Broadband.
Broadband and More
Construction Dive reminds us that the American Rescue Plan carved out $350 billion in aid to states and municipalities, with major construction categories including “$11 billion for water infrastructure, $9 billion for infrastructure such as highways…and $8 billion for broadband. Workforce development, another area of keen interest to contractors who are starved for skilled workers, received $6 billion.” An analysis of projects being powered by these dollars found “Spending on broadband by the states is particularly widespread. According to the National Conference of State Legislatures, 22 states have designated funds to improving broadband access, particularly in rural areas.”
According to industry experts, about $155 billion of ARP funds went to states in 2021, and the remaining funds will be distributed this year. Since states must use the funds by 2026, it’s anticipated that dollars from the ARP will continue to be key drivers of big, state level infrastructure initiatives. For example: “Florida earmarked $10.3 billion toward its State Transportation Work Program, which is an ongoing five-year plan for completing infrastructure projects, in the Florida Recovery Plan, using both state and ARP money. In total, Florida will receive $8.8 billion in ARP funds.”
Builders everywhere in the country are cutting to the chase for civil works by securing a surety line of credit—in writing. That’s what The Partnership Account for Contractors® from Colonial Surety provides. 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 to give builders an edge: 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.
Speed and service? It’s true. Complete the brief pre-qualification for your written surety-line of credit and The Partnership Account® services today—and receive, for free, Dun & Bradstreet scores. Pre-Qualify and Get Free Scores Here.
Good To Know
As the wheels start turning on execution of the Infrastructure Investment and Jobs Act (IIJA), The White House has issued a “one-stop-shop” Guidebook. This resource breaks down the 375 programs included in the Bipartisan Infrastructure Law, and provides links to resources and contacts for further information and technical assistance.
Across the country, contractors are gearing up for the increasing flow of public contracts by leveraging The Partnership Account® from Colonial Surety. 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.