On November 15, President Biden signed into law the $1.2 trillion Infrastructure Investment and Jobs Act. In this historic deal, policymakers have a goal over the next 10 years of strengthening and modernizing everything from supply chains and the electric grid to repairing deteriorating bridges and highways.
This deal brings significant job opportunities to the construction industry. And while it may still affect the industry in more ways than we can expect, there are some steps contractors can start taking now to better prepare themselves for what’s ahead.
What Is the Infrastructure Deal Presenting?
First, it’s important to understand what’s included in the Infrastructure Deal. Here are a few key points from the bill, providing insight on what some of the new projects will look like:
- $110 billion will be allocated to repair deteriorating roadways, bridges, and highway systems.
- $65 billion will be invested into improving the electrical grid and providing reliable internet access.
- $55 billion will be spent on water infrastructure, replacing lead service lines and pipes for safer drinking water.
- $25 billion will go to improving and repairing the nation’s supply chains.
- $7.5 billion will be provided to electric vehicle charging port buildouts across the nation.
To see the full report on how funds will be distributed, check out the White House’s page.
With this historic deal comes a massive opportunity for contractors to win new government-funded jobs. And with these new opportunities also come new challenges.
How to Prepare for What’s Next
In the coming months, contractors will be able to start bidding for new projects provided by the infrastructure deal. For companies unfamiliar with government-funded jobs, these projects will also bring issues like how to handle required certified payroll and compliance reporting.
To prepare, companies should start putting a plan in place. It’s important to not only learn how to bid for government-funded projects but also to make sure your back office is set up with the right tools to ensure success.
Construction-specific software and services, like Payroll4Construction, can help since they’re built to handle construction jobs and all the complex reporting that goes along with it. Without having to worry about the formatting or accuracy of certified payroll or compliance reports, contractors can focus on the more important things — like getting the job done.
Take a free tour to see how Payroll4Construction makes certified payroll and compliance reporting easy.