A new decade means new opportunities for heavy highway and civil contractors. There has been a renewed emphasis on infrastructure and public works projects around the globe in the past few years.
Despite some roadblocks—a comprehensive infrastructure bill in the U.S. potentially worth more than $1 trillion in new work has yet to see significant movement in Congress—more and more work is being approved in smaller batches at all levels of government.Globally, construction spending could reach $17.5 trillion by 2030, research and consultancy firm Frost & Sullivan noted recently. A Dodge Data & Analytics report that hints at an overall slowdown in U.S. construction still noted projected growth for public works projects.
“Public works construction starts will move 4% higher in 2020 with growth continuing across all project types.By and large, recent federal appropriations have kept funding for public works construction either steady or slightly higher—translating into continued growth in environmental and transportation infrastructure starts,” the report noted.So, there should be plenty of work available for heavy highway and civil contractors in the near future. But there will also be plenty of competition—and more demanding goals and benchmarks to meet.