Like many property owners, construction companies have been impacted by limited supplies and material delays.
For this reason, we wanted to bring you a breaking news story that may affect your next remodeling project and overall quality of living.
According to Fox Business news, the current presidential administration announced they'll be contributing $450 million towards port infrastructure.
You can check out the news article here.
This sum is the most extensive investment we've ever seen in the Department of Transportation's Maritime Administrations Port Infrastructure Development Program (PIDP).
Grants will be issued to decrease the bottleneck and improve the circulation of goods. Additionally, the $450 million investment is aimed to lower inflation and relieve stress off the economy.
Pete Buttigieg, U.S. The Transportation Secretary says, "We're proud to announce this funding to help ports improve their infrastructure— to get goods moving more efficiently and help keep costs under control for American families."
Will The Infrastructure Investment Help?
The government is investing capital into private entities that can help build up America's Marine Transportation System (MTS). Furthermore, the grants will be awarded upon government discretion.
This government-funded program is highly complex and controversial. In light of this, we're not here to get caught up in the vortex of online debate.
However, we know that The United States debt influences the Bakersfield community and want our customers to be educated.
According to Investopedia.com, the current national debt is $30 trillion as of February 6, 2022. So if you're interested in learning what debt means to the average American, we'll link you to this Investopedia article here.
In theory, these government-funded grants sound like a good plan, but will they be effective? And will this minimize the effects of inflation? Equally important, what are the long-term implications for the ordinary tax-paying American?
Indeed, the future will answer these questions.
How does this impact Bakersfield property owners?
It's no secret construction, and the housing market has been hit hard by inflation and an inefficient supply chain.
Like builders, our roofing company has been affected by all-time high lumber prices and material shortages.
Not to mention the rise of regulatory cost, energy cost, and tax policies.
(Source: Trading Economics )
For the property owner interested in remodeling, these issues may affect your overall cost and timeframe.
Nevertheless, if the government's aid helps improve port infrastructure, materials should become more available at lower prices. But only time will tell.
What You Can Do
Be in the know and keep an eye on the progress of this infrastructure investment. Educate yourself on what's happening in the housing market. Measure the supply and prices throughout the area. And if you're really ambitious, speak with someone who works for a builder or supplier.
Also, if you're interested in remodeling, get detailed bids from different licensed contractors. Pick their brains on what's going on with other projects. Ask about their suppliers and average project timeframes.
Remember, the discounted contractor isn't always the best choice.
Overall, have patience and understand most companies are not out to rip people off. The majority of contractors are trying to deliver an excellent service at a price they can turn a profit.
To close this out, we want to emphasize our expertise in roofing and not economics. We aim to keep customers up to date on news that matters and how it affects their projects.
If you need help getting a quote for your next roofing project, please reach out for a free, no commitment project estimate.