Partnership—and coordinated effort? Hey, it could happen. Given the need to get the supply chain flowing, federal and state transportation agencies are cooperating to accelerate critical projects and relieve congestion. Here’s what’s underway in Southern California.
California’s Ports
The flood of imports to Southern California can’t get anywhere because of capacity issues, equipment constraints and tangled knots of other challenges. U.S. News and World Report has reported that the ports in Los Angeles and Long Beach handle more cargo than any other ports in the world—and are also “some of the least efficient in the world.” Clearly, both funds and coordinated effort are required to alleviate the bottleneck. Accordingly, national and state officials are partnering toward solutions. Construction Dive reports:
The Emerging Projects Agreement between the U.S. Department of Transportation and the California State Transportation Agency will help the state fast-track “a network of related projects,” rather than using a piecemeal approach…The program aims to support multiple projects that will help the state grow the economy, protect the environment and modernize its supply chain processes.
“This federal-state partnership will ensure the creation of local infrastructure projects aimed at improving freight movement between the San Pedro Bay ports complex and distribution centers in the Inland Empire,” said Port of Long Beach Executive Director Mario Corderot…
“Having our federal and state transportation agencies working in unison to help fund infrastructure is exactly what we need,” Port of Los Angeles Executive Director Gene Seroka said in a statement. “We have projects in need of funding that will reduce cargo delays, improve efficiency, reduce emissions and improve safety for waterfront workers and motorists throughout the region.”
Partnering Up for Speedy Surety Bonds
Bid bonds, performance bonds and payment bonds have long served to advance and safeguard public building projects across the country. That doesn’t mean obtaining bonds has to be slow, though: Colonial Surety’s sped it up. We underwrite construction companies based on the power of their financial statements, giving qualified builders power of attorney to issue their own bid bonds, and more. Let’s think big—and act fast—together. Complete the pre-qualification for your written surety-line of credit and The Partnership Account® services today—and receive, for free, Dun & Bradstreet scores. Pre-Qualify and Get Free Scores Here.
Port Infrastructure?
Overall, the nation’s infrastructure system earned a C-score from the American Society of Civil Engineers (ASCE)—but, ports in some areas are faring even worse. For example, based on rankings by the World Bank and IHS Markit, U.S. News and World Report observes: In a review of 351 container ports around the globe, Los Angeles was ranked 328, behind Tanzania’s Dar es Salaam and Alaska’s Dutch Harbor. The adjacent port of Long Beach came in even lower, at 333, behind Turkey’s Nemrut Bay and Kenya’s Mombasa…
Of course coordinated investment in port infrastructure alone won’t solve all our delivery chain issues. Bridges, tunnels, roads and rails are overdue for attention too. The number of bridges the American Road and Transportation Builder’s Association says are in need of replacement is estimated at 79,500! The new federal infrastructure package aims to propel progress with allocations including $110 billion for roads, bridges and major infrastructure projects; $66 billion for passenger and freight rail improvements; $65 billion for broadband improvements; $65 billion to rebuild the electrical grid; $39 billion to modernize public transit; and, $25 billion for airports
In anticipation of waves of new public contracts across the country, construction companies are preparing ahead by qualifying for The Partnership Account® from Colonial Surety. In addition to a surety line of credit—in writing, The Partnership Account® gives qualified construction companies:
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Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.