For the past five years there has been a slow but steady exodus from city urban living to the suburbs and country communities, mostly due to the ability of corporate America to support employees working remotely.
Will the Pandemic accelerate this migration?
Current popular sentiment is to leave the city for those where mobility does not present an issue, but what about those who are left behind? While suburban developments address the new mobility trends, potentially causing a large boom for the construction Industry as it ties into the USA’s Infrastructure Plan and 5G Rural Broadband, there will also be a major need to upgrade our cities.
The implications for contractors
The Suburbs will see major improvements to roads, bridges, site development and schools to increase capacity, along with many other facilities to accommodate the growing migration. Contractors working in these fields will see more bidding opportunities in both the private and public sectors, along with an increase in minority business participation.
Cities will face their own challenges in safely moving people around: going from home to work and home to school, while handling the influx of tourists, diners and show goers, and adding the public works facilities needed to operate.
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Imagine having UV-C (and many other methods) to screen all who enter/exit public buildings, hospitals, schools, buses, trains and taxis. While these systems already exist, the mother of invention is necessity, and there will be new inventions in this industry with the public sector driving it for the foreseeable future.
Will your firm be ready?
At this point, few if any of us know exactly how this will all play out, and much of it depends on the long-term trajectory of the pandemic. But it’s fair to say that there will be a strong need for site development bonds, improvement bonds and other forms of surety bonding for the firms that plan to seize on these opportunities.
One thing that is a constant is that business owners will always try to “Predict the Future” for their business and their vision. The answer to this question is: You better be ready!
It doesn’t actually cost anything to lay the groundwork
You don’t actually pay for a bond until you need one. But establishing a relationship with a surety agency, getting prequalified and handling other details related to establishing your bonding capacity are best done well in advance, while it’s easy to do so. To get a head start on your bonding relationship, please call us at (914) 667-7700 x122, so we can help get you ready to take advantage of the coming exodus before your competitors do.