The Water Resources Reform and Development Act, WRRDA, is crafted to facilitate trade in the United States by improving ports and other water transportation infrastructure. The agreement was sent to the President on June 3rd 2014 and it has a value of more than $12 billion. Private-sector contractors will benefit because most of the work will be outsourced.
Austin, TX, June 07, 2014 - (PressReleasePoint) - Austin, TX, June 07, 2014 - For the first time in seven years, Congress has compromised on a bill that would authorize 34 water projects throughout the United States. The agreement was sent to the President on June 3rd 2014, and it has a value of more than $12 billion, although that funding will still have to be appropriated.
The Water Resources Reform and Development Act, or WRRDA, is crafted to facilitate trade in the United States by improving ports and other water transportation infrastructure. It will be a much-needed infusion of funding.
Trade through America's ports and inland waterways is vital to the nation's economy. Many states have reached the critical stage for water resources, so this funding is welcomed relief.
According to the House Transportation and Infrastructure Committee, almost one-third of the United States' GDP comes from international trade, and of that trade 99 percent passes through United States ports. Every port in America is in need of upgrades. The goods which pass through America's ports are valued at around $1.4 trillion each year.
WRRDA will secure America as a center of international commerce and trade. The resulting projects will be overseen by the U.S. Army Corps of Engineers, but the economic impact will be felt locally. WRRDA was optimized for the purpose it serves, improving ports and other water infrastructure, but it will also create hundreds of new jobs and the economy will be given another welcome bump.
Private-sector contractors will benefit because most of the work will be outsourced. The projects will be large and contractors will be required to be diverse in their capabilities or to partner with other firms in order to ensure speedy implementation and completion of the projects. Congress will closely monitor the process and transparency is expected to encourage efficiency throughout the process.
There will be opportunities for industry in ports and waterways from the Sabine-Neches Waterway, often dubbed "America's Energy Gateway," to the expanding Port of Savannah. And, the opportunities are likely to continue for decades as commerce increases in America. The total trade through ports is expected to quadruple by the year 2030, and it will sustain industry and economic growth not only in port cities, but also throughout the nation.
Ports and waterways cover just one aspect of the projects that WRRDA will fund. Beyond improvement projects related to ports, there are funds allocated for flood protection and more. All the projects will be large-scale and will contain many components. With the President's signature likely, interested firms would be wise to move quickly to position themselves for the attractive contracting opportunities that will result from this new statute.
Technology and infrastructure leaders in the water infrastructure sector interested in reaching American officials and learning about future opportunities enabled by the WRRDA bill can find more information at http://bit.ly/1okjTyh
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