As industry, education and government work moves steadily towards returning to normal there will be large need for new infrastructure projects and plenty of funding for them as well. We will likely see 2021 as abanner year for spending on expansions as the pandemic fades away and so much needs to be done in all areas of work and school. SODE is in a great position to help meet this demand and they are already off to a solid start as we can see from the latest company update.
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ALAMO, CA, UNITED STATES, September 9, 2020 /EINPresswire.com/ -- It has been a busy time. We have been working hard on our current contracts with our subsidiary to complete them on time and within budget. The COVID 19 virus did have an impact on our operations. Our largest contract was suspended for a short period of time but is now moving full steam ahead for completion this year. We are aggressively bidding and pursuing Public Works projects on a daily basis as COVID has not slowed the bidding activity. Our team is motivated and hungry to take on larger projects and grow this company.
Our core market, public works construction, is robust with opportunity. According to the United States Censu Bureau Report Issued September 1, 2020, Construction spending during July 2020 was estimated at a seasonally adjusted annual rate of $1,364.6 billion, 0.1 percent (±1.2 percent)* above the revised June estimate of $1,362.8 billion. The July figure is 0.1 percent (±1.6 percent)* below the July 2019 estimate of $1,366.0 billion. During the first seven months of this year, construction spending amounted to $792.6 billion, 4.0 percent (±1.2 percent) above the $761.9 billion for the same period in 2019. We have the people and model in place to capitalize on this large market opportunity.
In addition to growing internally, we have been in deep negotiations with several companies in our space to acquire, partially acquire or joint venture. These companies can add significant value by eliminating a level of markup or providing us a new specialty to our arsenal. In addition, we have formed entities to add additional building classifications to our service offering and will update when these valuable tools are in place. Lastly, I hope you and your family are safe in these times. Never underestimate the appreciation we have for all our investors as we continue on this incredible journey of building a highly profitable and long lasting company.
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