Prepare now for the upcoming construction boom

This entry is part 1 of 3 in the series Bipartisan Infrastructure Act

For today’s topic, we are interrupting our regular flow of information on City Procurement with information on the Bipartisan Infrastructure Act, which was passed by the House and Senate on  November 15th, 2021.

First, let’s touch on some of the key takeaways this piece of legislation contains:

What’s its purpose? “To deliver results to the American people while advancing racial equity, combating climate change, and creating job opportunities for American workers.”

How does the Federal Government plan to meet these audacious goals? Mainly through pure funding; and providing resourceful documents like this guidebook into what the Bipartisan Infrastructure Act will provide to communities, thus maximizing “transparency so communities across America know what to apply for, who to contact, and how to get ready to rebuild”.

Soon, the White House plans “to publish subsequent versions of this document to keep our partners up to date on the latest deadlines and details”. Additionally, they will be sharing information about the progress made on the Act’s implementation through Biden-Harris Administration’s fact sheets.

 

nyc construction, contractors, muildings, mbe contractor, wbe contractor

What are the industries impacted by this Act? As it would be almost impossible, to sum up in this email every program under each one of them, here’s a very high-level overview:

 

There are a total of  380 programs covered by this Act. By clicking on the link, you’ll be able to download the complete database with details for each, including the program name, agency name, bureau name, funding amount, period of availability, etc.

What does this mean for you as an MBE or WBE contractor? We believe there will be a significant number of contracting opportunities coming from both state and city agencies within the next 24 months from this legislation.

Additionally, this funding is likely to roll out over the next handful of years. Contractors are advised to take advantage of the time between now and when the funds start hitting the state and city levels by preparing your business to scale and grow.

Specifically, we believe we have between 9-12 months from now to prepare your company to not only bid on these projects but also use them to grow.

What’s happening in the meantime? The Federal Government has sent a letter to Governors on Infrastructure Implementation and given Recommendations for Mayors on getting ready to apply and Receive federal infrastructure funds (check out page 6). While your representatives are making their case for these funds to be allocated to our city and state, you’ve got to prepare.

Want to know more about what we mean when we say “be prepared”? Check out our second blog post on the Bipartisan Infrastructure Act Series where we cover that in detail!

Want support and assistance getting your business ready for these projects and others? Schedule a meeting to discuss membership and how we can help you.

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