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Most of us don't get excited about the prospect of more road construction – unless you're among those bidding on the government contracts for those projects. Then, you can't wait for the next project to start.
Depending on where you fall on that spectrum, you're either going to celebrate or cringe after hearing: “state transportation departments and local governments are expected to spend $77.5 billion on highway and street construction investments alone in 2020, a 6% increase over 2019, according to the American Road & Transportation Builders Association.” That's after a 9% spending increase that occurred between 2018 and 2019.
In other words, your commute may soon take longer, but the opportunity to secure more work could be worth it.
Whether you’re a prime contractor or a subcontractor, government-funded highway, byway and even city road projects present significant growth opportunities. They generate significant revenue (assuming you plan and manage resources properly), establish a performance track record that opens up doors to future public sector projects and, in the meantime, provide job stability to your workers. Though your family and neighbors may not be a fan of the orange cones, detours and road closures, we can all agree that the finished product – smooth, open roads with less traffic – will land you some goodwill.
A few tips when bidding on these projects:
Does Teamwork Make the (Government Contract) Dream Work?
Curious Which States are Spending the Most?
The National Association of State Budget Officers (NASBO) has several reports that breakdown state spending by category. This could be helpful if you’re trying to prioritize your bidding resources or focus your market research. For example, we know that 18 states increased their transportation spending in FY 2019 by at least 10 percent and thatto road improvements.
You could also tune into the “State of the State” speeches, as governors have a tendency to highlight spending priorities such as transportation infrastructure. (Replays are available for those you’ve already missed on many state’s websites.)
Taking Advantage of the Boom
Make sure that your BidSync account isto search for these opportunities and that you're checking your daily bid notification emails daily (or logging into your dashboard) to get a jump start on proposals as soon as solicitations are posted.
Don’t yet have a BidSync account?to start receiving bid notices from state and local governments, as well as non-profits, education entities and special districts. Since it can be hard to narrow down the precise keywords you should use to find solicitations related to road construction / transportation infrastructure projects, you'll want to take advantage of BidSync's Relevance Engine. It uses machine learning to search beyond traditional keywords to find all of the relevant opportunities.
Not quite ready to start bidding on these types of projects but want to in the future? Know that more projects are always in the works, which means there are always new opportunities to add to your pipeline when ready. But you need to pay attention because the planning phases are quite long and the solicitation process can start months, or years, before work actually commences.