Prevailing Wage Work Is Coming
In November 2021, President Joe Biden signed into law the Infrastructure Investment and Jobs Act (IIJA), allocating $550 billion for the revitalization of our nation’s infrastructure. These funds encompass a broad spectrum of projects, from road and bridge improvements to climate resilience measures, and many of them fall under the purview of the Davis-Bacon Act, ensuring prevailing wage jobs for workers. However, as of February 28, 2023, a significant portion of these funds remains unspent due to the intricacies of the preconstruction phase. This phase, while crucial, entails a multifaceted process involving project planning, design, risk assessment, and regulatory approvals.
Now, as these preconstruction efforts culminate, we stand on the cusp of a large implementation phase, with $185 billion projected to be spent at the state level in 2023. Simultaneously, the commercial construction sector is witnessing a slowdown, particularly in the office space segment. Click here to read valuable insights into the impending opportunities for prevailing wage contractors, emphasizing key considerations such as bidding on infrastructure projects, prevailing wage requirements, workforce development funding, opportunities for designated businesses, and compliance with environmental and labor standards.