We’ll have to wait and see how the federal government distributes and manages allocated resources, but you may get ready to bid on projects like roads and bridges, transit systems, railways, ports and waterways, and broadband upgrades by obtaining the proper contractor license as soon as possible. The Infrastructure Investment and Jobs Act could create around 650,000 if not more jobs with an average pay of $70,000 for the jobs referred to in this article. The bill could boost the economy and areas where it is especially difficult to find jobs.
Which Contractors Will The Infrastructure Bill Benefit?
The contractors who will be able to benefit from the new infrastructure bill are not limited to just construction companies. Infrastructure, telecom, heavy industrial, railway and municipal utility contractors should also take the time to identify any potential benefits that could arise for them in this regard.
Since the bill will provide a large percentage to provide internet access to low-income families and isolated communities, this initiative could lead to many more full-paying customers, which in the long run would benefit the telecom industry. The Infrastructure Bill will offer more availability for jobs in the electrical field. For example, the new bill could increase spending on green energy initiatives.
The growth of the e-commerce sector is codependent on the increased spending on waterways and ports. Since major shipping companies rely on the nation’s highways to deliver jobs like these will be major to look into.
Energy infrastructure will have significant investments provided as well. Essentially the funding will go towards the prevention of outages, increasing grid resilience, assisting the Weatherization Assistance Program and the Low Income Home Energy Assistance Program (LIHEAP), and deploying innovative smart grid technology to assist low-income families.
The bill also directs the Department of Energy (DOE) to establish a program to encourage and advance the physical security and cybersecurity of electric utilities, with special attention paid to those who lack financial means.
A major driver of infrastructure projects is federal funding since states and cities do not have the budget to cover the entire cost alone. This means that allocating money in this area will also mean more jobs in local communities.
What Kind Of Jobs Could Be Available?
The new bill could lead to many different types of jobs. A construction company may gain the opportunity to bid on contracts, while utility companies get more opportunities for jobs in local communities. The new bill aims to upgrade water systems, so this will open up job opportunities at every level of the industry. With a large majority of the funds going towards transportation systems, it’s important to note that roads, highways, and major projects will offer plenty of jobs for the taking.
There are many more potential benefits that could arise for infrastructure companies.
The Challenge Of The Infrastructure Bill
The main challenge of the new bill is to figure out how to allocate money fairly and efficiently so that the benefits can be maximized. There will also be issues with deciding how much should go towards certain initiatives, such as broadband access. Though the amount of skilled workers is scarce, this provides a bit of a fallback of the bill itself. It was found that about 88% of commercial contractors found it moderately difficult to find skilled workers to fill these new job openings.
How Should You Get Ready?
You can get prepared for potential bidding opportunities by checking out this article, where we highlight some important tips about bidding, jobs, and how you should go about getting ready.
The new Infrastructure Bill will have a large impact on how construction companies can get ready for bidding opportunities. You need to be able to check out all of the potential benefits and challenges associated with this bill so that you can see whether or not a bidding opportunity would be lucrative in your area.
If you already hold a contractor license that allows you to perform work in the specific specialties covered by this new bill, now would be the time to expand your reach by obtaining licenses in different states. Depending on the license, there may even be an opportunity for reciprocity between states, making it even easier to obtain a contractor license in that state.
Sometimes, the process of obtaining a license can take more time than ideal, especially if you have to study and sit for an exam. Get ahead of the competition, by preparing now. Don’t let the government bureaucracy slow down your opportunity to capitalize on the allocated funds in this bill.
General contractors, heavy industrial contractors, railway contractors, municipal utility contractors and telecom contractors all have the potential opportunity of winning bids and increasing jobs created by the Infrastructure Investment and Jobs Act.
Establishing close communication with potential partners will also enable your company to get the most up-to-date information about this bill’s status. You can then share that information with your team so that you are all on the same page.
Let the experts at Nationwide Contractor Licensing handle the process for you. We have over 18 years experience in all fifty states with any license. We handle the entire process, from start to finish, so that you can continue working while we take care of the hassle. Call or click “get a quote” to find out how we can help you today.