Now several months into his presidency, President Trump’s administration has begun to lay the groundwork to make an ambitious campaign promise a reality: Creating a more than $1 trillion program to support new infrastructure projects across the U.S.

According to President Trump, this plan would create millions of new construction jobs while repairing (or completely rebuilding) highways, bridges, and other pieces of infrastructure that are currently in poor condition. 

A fully developed $1 trillion infrastructure investment plan is far from finalized, but President Trump has made it clear that this will be a top priority for his administration. Trump has recently told the press that infrastructure is a very popular issue among lawmakers and signaled he may want to “speed up” the timeline for his proposal.

For construction professionals, that means it’s crucial to start planning ahead for what could be a windfall of available work. Here are simple tips to jumpstart the process.

Increase Project Selectivity
With the American Society of Civil Engineers urging the need for infrastructure repair in its most recent report, the new administration won’t have much trouble finding projects in which to invest if a spending plan is approved. And, if contractors want to compete for these jobs, they need to make sure they have crews available to start working immediately. That means, when possible, companies may want to consider increasing their selectivity when it comes to smaller projects over the course of the year.

Prepare to Start Quickly
President Trump recently stressed one line item he’d like to see in a finalized infrastructure plan, suggesting a 90-day deadline for states to begin on working on projects for which they receive federal funding.

"We're not going to give the money to states unless they can prove that they can be ready, willing, and able to start the project," Trump said.

The National Governors Association recently released a list of 428 “shovel-ready” infrastructure projects, so meeting this proposed, ambitious deadline will certainly be possible. 

However, it won’t be easy. Construction companies hoping to compete for these projects need to pay special attention to logistics to ensure they can start working almost immediately after winning the bid. Take certifications, for example: Most, if not all, states require contractors to hold special certifications in order to apply for state- or federal-funded projects. Applying and getting approved for these certifications can take time, and most require at least one year of reviewed and audited financial statements.

The Bottom Line
If President Trump’s infrastructure plan moves forward, contractors will likely reap the benefits of available work. To ensure they’re ready if and when a spending plan is approved, contractors should consider implementing these simple planning steps now.  

Copyright © 2017 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in June 2017 Bottom Lines newsletter.