Prior to the coronavirus pandemic, construction CEOs’ confidence has skyrocketed, and backlog has soared, according to ABC’s surveys. Construction spending hit a record $1.4 trillion per year, buoyed by a booming economy and record-low unemployment. The average hourly wage for construction workers has increased by 11.2% since January 2017, according to the U.S. Bureau of Labor Statistics.
Policy initiatives implemented by the most recent administration resulted in comprehensive tax reform, as well as significant steps to reduce the construction skills gap and expand workforce development opportunities.
Looking ahead to the next four years in a post pandemic world, we need to keep this momentum strong. While what happens in Washington this November can seem far removed from our day-to-day lives, legislative decisions in the coming months and years could have dramatic impacts on construction businesses, the workforce and local communities.
Pending the outcome of this election, if lawmakers on both sides of the aisle can find common ground on contentious policy issues and secure a sustainable funding source that does not break the bank, an infrastructure bill could prove to be a bipartisan win—especially as America’s schools, bridges and highways are deteriorating from coast to coast. The opportunity for an infrastructure investment is clear.
Our cover story, “Infrastructure: Paths to Funding”, illustrates contractors’ recent accomplishments in local jurisdictions and the major challenges they will face if federal funding is not secured.
In addition, this issue of the magazine is enhanced by the expertise of our friends in the surety bonding industry—The Surety & Fidelity Association of America and The National Association of Surety Bond Producers—whose members help contractors to avoid business risks, grow their portfolios and take on large capital projects. I encourage you to check out the series of articles beginning on p. 33for an in-depth understanding of the current legal and legislative climate.
In the December issue, we look forward to publishing CE’s 2021 Construction Economic Forecast, with a corresponding webinar you will not want to miss presented by ABC’s Chief Economist Anirban Basu on Dec. 16. Visit webinars.constructionexec.com to secure your spot for this popular event.
