Across the country, major construction projects plan to either break ground or enter a major new phase over the course of 2020. The COVID-19 pandemic caught everyone off guard and forced some projects to delay or reconfigure. Nonetheless, there are still projects planning to move forward and working to put all the necessary plans and preparations in place before the end of the year – including securing any construction bonds necessary. Here are a few of the notable projects worth following along with:
California High-Speed Rail Project
As one of the most ambitious transportation initiatives ever imagined, the California High-Speed Rail Project promises to transform how millions of people travel through the state. Phase one, currently under construction, will connect Los Angeles and San Franscico and span a distance of 380 miles in a swift 2 hours 40 minutes. Construction in California’s Central Valley is the primary focus for 2020. As of February, there were 30 active construction sites working to build 119 miles of track at a cost of $4 billion. Authorities hope to have 171 miles complete by 2027, but the project will continue for many years afterwards as it moves into other phases. Expect this project to be a perennial entry on any list of the year’s biggest construction projects.
Foxconn’s Wisconsin Manufacturing Campus
Construction is underway in Wisconsin on a first-of-its-kind manufacturing campus for the Taiwanese electronics maker Foxconn. Equivalent to the size of 17 football fields, the campus will incorporate multiple buildings and facilitate advanced manufacturing. Thus far, crews have cleared the site, poured foundations, and installed over 8,000 tons of steel. By the end of 2020, planners hope to have administration, control center, and select assembly areas complete – work that will require the help of an army of contractors and more than a few construction bonds.
Las Vegas Convention Center People Mover
With above ground work complete, construction moves underground in 2020 on a project to add a high-capacity people mover to the Las Vegas Convention Center. It will shuttle up to 4,400 people an hour from beginning to end of a 1.5 mile tunnel in under five minutes. A company run by Elon Musk called The Boring Co. heads the construction effort and plans to finish by the end of 2020. This could be the first of a number of large-scale tunneling efforts – led by Musk’s company and others – as densely packed urban areas look for new ways to use the space at hand. Given the risky, high-consequence nature of tunneling beneath the surface of any metropolitan area, expect the contractors involved to face strict construction bond requirements.
Central Park One
Welcome the newest iconic skyscraper to the New York skyline. Construction is complete on the exterior of Central Park One, a 77-story tower located along the southern edge of Central Park. Contractors will spend the remainder of 2020 finishing the interior. As the newest addition to New York’s Billionaire’s Row, an enclave of ultra-premium properties, the interior of this tower will no doubt be stunning. And as with any project where attention to detail and complete commitment to quality truly matters, there will likely be a lot of construction bonds involved. Thanks to these bonds, the developers behind this property can recover costs should construction not go according to plan.
Crystal Lagoons
Some of the largest mix-use developments under development across America plan to feature Crystal Lagoons – large-scale water features that recreate the feel of being on the beach. These bright-blue lagoons serve as the centerpiece for a number of projects in various phases of construction and offer tenants or the public at large the chance to frolic in the sand and swim in perfect blue water, even in locations like North Texas. Crystal Lagoons may count as more of a trend than an individual project. Regardless, they’re helping to drive construction starts across the country.
Construction Hot Spots in America
According to research into 11,000 large-scale construction projects underway across America, just 10 states play host to 60% of the projects happening. More specifically, Texas, New York, and California have the highest concentrations of proposed projects, with over $500 billion in projects happening in the Golden State alone. Any contractor or construction company located close to a hotspot should put itself in position to win lucrative contracts. Make sure you obtain any bonds necessary. Just as importantly, find a bonding partner you can trust with all your future bonding needs.
Viking Bond Service – Nationwide Construction Bond Specialists
Most significant construction projects require the contractors involved to have a construction bond. If that requirement applies to you, rely on Viking Bond Service to find you a quality bond at a competitive price in under 48 hours. Submit this application at your convenience, or contact us through the form on this page or at 1-888-278-7389.
