The Bipartisan Infrastructure Law creates and funds job projects to improve American infrastructure. To get these federal jobs and beat the competition, you must learn to take advantage of the current market climate.
Attract and Retain Talent
It is understandable to want to reduce costs during an economic downturn; however, construction companies should think twice before making layoffs.
There continues to be a shortage of qualified, skilled construction workers and craft professionals. According to a 2022 model, the construction industry needs to attract almost 650,000 new workers
to meet the labor demand, which is in addition to the average hiring rate.
Construction companies that maintain a growth mindset
will flourish despite high inflation and volatile stock market challenges. Experts are encouraging companies to keep hiring, so they can be prepared when the economy improves.
It is just as crucial for employers to retain their top workers. Consistently providing your clients with high-quality construction work is the best way to get rehired. Your top performers set you apart from the competition.
Target Federal Contracts
The Bipartisan Infrastructure Law establishes 260 specific construction projects in Texas. These federal contract jobs include airport expansions, road improvements, and harbor restorations.
An estimated $1 billion in additional construction funds creates about 3,900 jobs
. That means the Infrastructure Bill grants over $5 billion to highways and creates almost 20,000 construction jobs.
Federally-contracted jobs often come with a range of generous employee benefits. These jobs tend to pay well and offer more job security. Construction workers can also look forward to consistent, timely compensation for their labor.
Additionally, some jobs contracted by the government lead to longer-term employment. For instance, the successful completion of a government contract often leads to consideration for future projects.
Build a Backlog of Work
A construction company’s backlog of work consists of all the projects it has won bids for but has not started. A backlog is often an indicator of a company’s financial health.
A company runs most efficiently when its backlog is balanced: enough projects are coming in to generate adequate revenue, but not so many that you can’t meet your deadlines.
During periods of economic downturn, construction companies can use their backlogs as a safety net. By building a backlog of work, the company can ensure that it stays financially buoyant when no new projects are coming in.