Last Thursday, the Biden administration reached bipartisan consensus on the proposed American Jobs Plan to allocate $1.2 trillion in new infrastructure spending in the US. A significant portion of that will be put towards revitalizing roads, bridges, water systems, public works, energy and other vital infrastructure projects. This plan will create new opportunities and benefits to construction contractors for years to come, and here at 4castplus, we’re staying on top of the ongoing progress of this bill, along with the ways we can help in providing leading technology to support the industry.
Although this $1.2 trillion is much smaller than what was initially proposed – the original plan was to earmark over $2 trillion – achieving a bipartisan agreement was an important move towards investing in the many neglected areas of infrastructure across the country. This White House Fact Sheet breaks down how the intended funding will be allocated, and this Business Insider article provides a convenient breakdown of the finances.
Clearly this is a boost to construction contractors and provides them the opportunity to invest in upgrading their own technology platform to meet the demands of modern construction project requirements. Achieving better results as a contractor means having a comprehensive software platform to support their teams and provide real-time information, key workflows and a centralized, collaborative system that delivers a high level of data integrity and a unified view of all projects and programs. With this new plan, contractors have the opportunity to maximize both profitability and quality along with critical increases in efficiencies to enable them to complete projects on time and on budget.
“We have a deal”, Biden said on Thursday. “We all agree that none of us got all we wanted. I clearly didn't get all I wanted, they gave more than I think maybe what they were planning to give in the first place ... Bipartisan deals mean compromise."
This is a significant step forward for the construction industry, and we’re excited to be a part of it.