With the economy still recovering from the effects of the global pandemic, a new administration and seemingly no concern about he rising deficit, we could see a post election construction boom. Building infrastructure and other public works projects are both an efficient way to improve the economy and are politically visible tasks. The Federal Government will subsidies the battered state government budgets, and the feds will pour billions of dollars into rebuilding the county’s infrastructure.
Non-residential, private construction could be challenging for several more years as the nation comes to grips with what the new “normal” will look like. Commercial office space and retail in particular will most likely be depressed for several years. As such, with the post election construction boom, public works construction may become a bigger piece of any contractor’s work.
Public works projects are different. A public construction job is closely associated with the rules that are determined by either the federal or state government. In may states, prevailing wages must be paid and certified payrolls kept. Paperwork and documentation are usually far greater on public works projects. Retainage rules vary from state to state and even municipality to municipality. So how do you prepare?
Public works maybe the best option to maintain your backlog in the anticipated post election construction boom. A thought out and careful strategy can help you make the transition from private to public works.
Surety1 is a service of AssuredPartners one of the nation’s largest and fastest growing insurance agencies. Since 2003, Surety1 has been the premier provider of performance and payment bonds for over 425 contractors.