The recently signed Illinois capital plan allocated funds for roads, bridges, railroads, universities and other state facilities over the next six years. Naturally, there is lots of bustling, building and investment in Chicago too. Here’s the scoop.
Investing in Transportation
With freight demand in Chicago’s ports expected to double over the next twenty years, builders will be busy executing transportation commitments.As the American Society of Civil Engineers (ASCE) reports, Chicago’s “On TO 2050” plan calls for:
Spending $475 million on at least 70 projects in and around Chicago, including roadway and intersection improvements, train station reconstruction, rail crossing grade separations, and bus electrification and route improvements. The plan also aims to ensure safe nonmotorized transportation options for residents and improve air quality….Investment is also continuing in the O’Hare International Airport Modernization Program, the Chicago Transit Authority’s many train line and station renovations, and the Regional Transportation Authority’s commuter train lines and stations.
Many builders are feeling the wind in their sails despite the challenges, as commitments by cities and states stack up across the country. Colonial Surety is powering up construction companies for wins, making it easier—and more confidential than ever—to obtain, manage and monitor needed bid, performance and payment bonds. Contractors who complete a brief (we promise!) pre-qualification for Colonial’s surety line of credit even receive, for free, Dun & Bradstreet scores. Pre-qualify and Receive Free Scores Here! Then, once approved for The Partnership Account® with Colonial, you’ll:
- Use your private Owner’s Dashboard® for a personal window into your underwriting profile. Review the statistical analysis of your financial statements and free Dun and Bradstreet scores, profitability, and more.
- Access a powerful online surety management system to issue bid bonds, order performance, and payment bonds, update work in progress, check your current and aggregate limits, view open and closed bid and performance bonds, and more.
- Clearly see your bonding limits, and always have direct access to our underwriter if you need the excess capacity to bid on a job.
- Protect the confidentiality of your bids—after all, no one’s in the middle when you do it yourself, right?
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More University and Park Space Too!
Builders are busy with more than transportation in Chicago. Parks and universities are experiencing big investments in the future too:
Multiuse development is happening at various locations, including The 78 Chicago and Lincoln Yards. The 78 Chicago is an entirely new neighborhood along the Chicago River that will be anchored by the University of Illinois Discovery Partners Institute, a technology hub dedicated to developing tech talent, fostering applied research and development, and launching new businesses.
Lincoln Yards, master-planned by native firm SOM, will connect Chicagoans to more than 50 acres of riverfront in the city’s most iconic neighborhoods: Bucktown, Wicker Park, and Lincoln Park. And where multiuse development flourishes, infrastructure follows.
Of course the action’s not only building in Chicago! For example, around the country, new science facilities can’t be built fast enough. Meanwhile, who is not getting a new waterfront park? Let’s get you swimming with the tides with The Partnership Account® from Colonial Surety Company. Then, you can dive into lots more new projects with speed and confidence — knowing your bidding and financial information is secure.
Get Moving with The Partnership Account®
Colonial is built on reliability, affordability and dependability. Founded in 1930, we have proven long-term financial stability; we’re licensed in every single state in the U.S.; we are listed by the U.S. Treasury as an approved surety; and we’re rated “A” Excellent by A.M. Best – an accolade of which we are extremely proud. Let’s Partner!