The pace of stimulus spending is picking up according to an article on www.govexec.com and comments from Mike Pickett, CEO of Onvia. Onvia is a company offering paid subscriptions for accessing consolidated government bid/RFP information. It is also tracking recovery spending. According to its analysis, federal, state, and local stimulus contract obligations have grown by more than 50% during the last month.
Pickett told the House Oversight and Government Reform Committee it was following $59 billion in spending contracts at the beginning of June. It is now tracking $90.7 billion. This includes some 22,000 projects.
While this is good news for many contractors wondering when the money would start flowing, it is not entirely representative of the actual dollars making their way into the economy. The article points out these figures represent projects that have been publicly reported, though checks may not have actually been cut to vendors. Approximately 20% of the $90 billion is still in the RFP stage. Much of the reported total is still within the construction/transportation industry for road building or improvements so expenditures are still within a fairly narrow sector.
As such, vendors should be actively scouring various grant sources such as www.grants.gov looking for projects that fit their business offerings. New projects appear daily, so active monitoring is crucial. The money is beginning to move, and eventually a greater range of industries will benefit from these government expenditures. Keeping an eye on the ever-changing stimulus landscape will possibly (hopefully) unlock the promised opportunity.