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Dan Urias, Client Executive & Richard Hallett, Principal, Director of Surety

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Construction Industry: Are You Ready for an Influx of Work?

By Dan Urias, Client Executive & Richard Hallett, Principal, Director of Surety

clock June 5, 2017 at 10:05 AM

Preparing for Success When New Opportunities Arise

In April 2017, the California State Legislature approved Senate Bill 1, a transportation funding bill. The Road Repair and Accountability Act of 2017 will generate more than $5 billion annually for road repairs and mass transit. The bill addresses a $136 billion backlog of repairs and improvements across California, creating thousands of jobs, an abundance of contract work, and growth opportunities for the construction industry.

While this is great news for eager companies, is your business equipped to handle the influx of work? How can you ensure that your company is set up for success when competing for bids?

A detailed assessment of specific aspects of your operation is the best way to make sure your company is ready. With a strong handle on the following areas, your team will have the best shot at winning and delivering on opportunities created by the transportation bill.

Evaluate Your Capacity

Assess your firm’s bonding and new bid capacity to determine if your current program can support bid opportunities over the next 12–24 months. Begin discussions with your insurance broker and bonding company about pursuing projects under the new legislation and how best to prepare.

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Topics: Property + Casualty, Market Trends

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