by Mary Scott Nabers Two years after the passage of the Infrastructure Investment and Jobs Act (IIJA), also called the Bipartisan Infrastructure Law (BIL), an estimated $492 billion remains in federal funding for American infrastructure projects. However, it is crucial to note that there’s a ticking clock because the remaining funding is allocated solely for use […]
Governing bodies throughout the country build event centers, meeting halls, and arenas each year, but currently there is an abundance of new projects of this type. These large projects require private sector contractors of all types making the demand for construction, engineering, architectural, design, landscaping, and technology firms extremely high. Facilities that are being rebuilt, […]
The water purification problem is compounded even more because drinking water also is contaminated daily by industry, antiquated lead pipe delivery systems, and weakening government oversight. An estimated 105 million people receive water from public water systems that use groundwater, and one federal agency proclaims that an estimated 22 percent of public wells for those systems have one or more contaminants at unsafe levels for human health.
President Biden recently introduced a massive infrastructure bill designed to reshape the U.S. economy while addressing infrastructure reform. Biden’s stated goal is to achieve 100 percent carbon-free power by 2035.
The proposal also includes $100 billion in funding to upgrade and strengthen the country’s electric grid system, which has been weakened by worsening climate disasters. The proposed legislation would provide new tax credits to support the construction of high-voltage transmission lines, a major hurdle in the expansion of renewable energy. Additionally, it would include a 10-year extension of wind, solar, and battery tax credits, which are set to expire in several years.
As the Biden administration begins to address climate change, transit authorities throughout the country will benefit from funding.
Clean air is a major component of sustainability, so increased funding will flow to public transit authorities in an effort to reduce the number of automobiles on roadways. Major initiatives at the local levels of government will provide hundreds of contracting opportunities as public officials attempt to make public transportation more convenient, economical, and attractive.
Industry leaders, investors, regulators, rating agencies, and governmental entities are all watching a strong trend that will likely become a competitive factor in government contracting in the future. The significance of the trend’s impact cannot yet be calculated, but it could be substantial.
Environmental, Social, and Governance (ESG) has been a topic of discussion at the corporate level of many large firms for a number of years. Investment groups also are discussing the various components of ESG, and many are seeking investment opportunities for projects that have high ESG metrics. Although no standardized way exists to measure ESG, companies that can point to initiatives and/or policies related to ESG often tout this in annual reports. Morningstar, Bloomberg, and MSCI use their own metrics to report on ESG ratings.
Climate change and the need for mitigation efforts for disaster control have resulted in more federal funding available for public entities throughout the U.S.
The Federal Emergency Management Agency (FEMA) soon will distribute up to $500 million from a new Building Resilient Infrastructure and Communities (BRIC) grant program for pre-disaster mitigation projects. The funding is available for public officials at the state and local levels of government.