The financial meltdown of 2008-09 decimated the construction
industry, and though Congress poured billions of dollars into the
economy via the American Recovery and Reinvestment Act of 2009 for
"off-the-shelf, ready-to-go" construction projects, the commercial
construction industry remains greatly depressed. However, the
federal government has money and is spending it.
Because there are fewer commercial projects under way than in
the past, the federal government is virtually the only game in
town. As a result, many construction companies are trying to enter
the federal government construction contracting market. However,
federal government laws and processes differ from those typically
encountered in the state and local government construction sectors,
and you must have an understanding of these laws and processes for
your bids to be successful.
More companies are bidding federal projects without a
well-thought-out strategy or clear understanding of what performing
federal work requires, and many are encountering serious financial
difficulties that may lead to bankruptcy.
There are many federal requirements that only prime contractors
need to be concerned about, but some flow down to subcontractors,
as well. Understanding prevailing wages, LEED® requirements,
strict safety policies and Federal Acquisition Regulations is
necessary to ensure success. You may need to change your management
systems to incorporate the required federal processes, and you must
develop an effective,...
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