President Biden signed a long awaited Infrastructure bill on November 15, 2021. This bill includes $550 billion in new spending for public transit, passenger rail, bridges, water and sewer systems, high-speed internet, electric vehicle infrastructure, and investments in the electric grid. These latter industries are included to promote growth of renewable energy.
Other interesting things included in this bill include, but are not limited to:
- Support to municipalities with direct grants and funds that will pass through existing state programs, providing direct funding to municipalities.
- Safe Streets for All: $5 billion.
- National Infrastructure Project Assistance: $5 Billion.
- The Clean Water and Drinking Water State Revolving Funds will each receive $11.7 billion over the span of five years.These large scale projects are usually quite costly, however this will help communities complete these necessary infrastructure projects with more ease.
- This law doesn’t raise taxes, but the impact of it will be seen in the long-term as the spending is spread through a 5-10 year phase.
- The funds are from these following sources. $210 billion: unspent COVID-19 relief funds, $53 billion: unemployment insurance funds, and $28 billion: tax enforcement on cryptocurrency transactions.
You might be thinking, Why is this important for government contractors?
The answer is simpler than you might think! This infrastructure bill is opening up massive opportunities in a very wide range of sectors. This means big business for both companies that have already worked with government agencies, and those that have not. The time is now to get into government contracting, especially if you work in the many industries that will surely be affected by this new bill.
To maximize your ability to respond, it is important to refine your plan and strategize thoroughly, so that your business has the best chance of winning one of these infrastructure contracts. One of the best resources to accomplish this is GovSpend. With GovSpend, you can access robust data on SLED and FED spending and purchasing, so that your business can gain a competitive edge in this new marketplace.
GovSpend has recently acquired Fedmine, making our dataset more robust and essential for vendors or contractors who work with agencies. Allowing you to see spending & P.O.s, co-op’s & contracts, contacts, and much more valuable information that can help supplement your plans into a more efficient strategy and gain a competitive edge over your competitors. What are you waiting for? Create a free account with GovSpend to learn more. We would love to show you the information available to you to help boost your company’s growth in the public sector.
- President signs $1.2 Trillion infrastructure bill. Massachusetts Municipal Association (MMA). (2021, November 18). Retrieved November 19, 2021, from https://www.mma.org/president-signs-1-2-trillion-infrastructure-bill/.
- What you need to know about the infrastructure bill. BNY Mellon Wealth Management. (n.d.). Retrieved November 19, 2021, from https://www.bnymellonwealth.com/articles/strategy/what-you-need-to-know-about-the-infrastructure-bill.jsp.
Ponciano, J. (2021, November 16). Everything in the $1.2 Trillion infrastructure Bill: New Roads, electric school buses and more. Forbes. Retrieved November 19, 2021, from https://www.forbes.com/sites/jonathanponciano/2021/11/15/everything-in-the-12-trillion-infrastructure-bill-biden-just-signed-new-roads-electric-school-buses-and-more/?sh=7d166e6d161f.