How Businesses Should Prepare for IIJA Opportunities
The $1.2 trillion Infrastructure and Investment Jobs Act (IIJA) was signed into law in November 2021, bringing immense opportunities and job creation. From roads and bridges to clean energy efforts, airport infrastructure, and water supply there is ample opportunity for businesses to make the most of this large-scale project. Read on to learn more about how businesses can prepare to seize the opportunities of the IIJA!
A Brief Summary of the IIJA
The Infrastructure and Investment Jobs Act provides a massive investment in American infrastructure. The IIJA seeks to modernize and repair roads, bridges, transit, rail, ports, airports, drinking water, and wastewater infrastructure. The Act also authorizes spending for clean energy initiatives, expanding broadband internet, and more. The size and scale of the IIJA, along with its unique blend of traditional and innovative infrastructure elements makes it a truly historic endeavor.
Implementing the IIJA
Implementing the IIJA is an effort that will trickle down from Washington D.C. to the federal and state agencies tasked with launching the program. The Departments of Energy and Transportation are challenged with the task of distributing the funding, while state governors and legislatures prepare their priority projects for the incoming funding. Local counties own and operate roughly 44 percent of public roads and 33 percent of bridges – this positions local government to have a significant say in how allocated funds are used. At all three levels of government – local, state, and federal – hiring top talent will be vital. From skilled workers and engineers, to expanded administrative teams, it will take a lot of manpower to carry out these large projects.
How Businesses Should Prepare for IIJA Opportunities
The IIJA is not an instant gratification game, as the legislation intends to be a long-term approach. While the plan’s rollout is gradually initiated, businesses wanting to seize IIJA opportunities can begin laying the groundwork for future success and preparing for future government projects. Some steps that businesses can take now include:
- Assessing cybersecurity protocols and aligning them with government security policies and requirements
- Restructuring and examining business operations to address compliance and cost-reporting requirements for government contractors
- Learning how to structure a competitive bid
When it comes to developing a competitive contract bid, maintaining compliance and keeping costs low are top priority. A comprehensive benefits strategy can make all the difference in putting forth a winning bid. That’s where we come in.
Boon is the Expert in Your Corner
For 40+ years Boon has been innovating flexible fringe benefit solutions for employers and their hourly workers. We offer our clients the advantage of our niche expertise and consultative approach to creating a better benefit offering for their business. As businesses prepare for the future opportunities of the IIJA, Boon will be in their corner.
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