The United States is going through a construction boom, with more investment on the way due to looming necessary infrastructure upgrades. But the construction boom wealth is not being shared equally throughout the whole country. Sixty percent of public and private construction is being done in just ten states.
California, unsurprisingly, has the largest share of construction projects as 1302 projects representing $524.6 billion are being done in the state. Even removing the California bullet train project that had portions of the budget postponed earlier this year, California would have the largest share.
Texas comes in second at $425 billion in projects due chiefly to its energy and utility projects. New York, with $409 billion in projects, comes in at third, followed, respectively, by Florida, Washington, Illinois, Pennsylvania, Georgia, Ohio, and North Carolina to round out the top ten.
Where can contractors in those states purchase bid and payment/performance bonds for a project?
Colonial offers the direct and digital way to obtain bid and payment/performance bonds as well as any other surety bonds. We are the insurance company — which means no agent, no broker, and no middleman and are licensed in all 50 states. We make it easy to obtain your bond. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print your bond from your office. It’s that simple!
Colonial gives you an easier way to manage your bid and payment/performance bonds online. Having your single and aggregate limits in writing allows you to update your work on hand and adjust your bonding capacity in real time.