At Ox Bonding we’re poised for enormous growth thanks to our ability to provide bonds through a “T-Listed” surety in the non-standard market.
In our last post, we talked about how contractors can qualify for publicly funded projects, and in previous posts, we’ve discussed the different types of projects that require a bond through a “T-Listed” surety. However, as we’ve started offering this service to contractors, we’ve seen more concrete examples of just how valuable it can be.
Here are just a few from across the country.
Don’t Mess with Texas
There’s a popular expression in the Lone-Star State, “Everything is Bigger in Texas” and when it comes to growth that is no exaggeration.
Due to a number of socio-economic factors, Texas’ population has been experiencing record growth. In fact, the state’s population is expected to double in size by 2050, with projections putting its population at 54.4 million.
With this growth comes a demand for new infrastructure projects. New homes mean new roads, electrical grids, water systems, public transportation and the energy projects required to power them. In addition, the growing senior population also means that there is a need for a wide range health care facilities.
What do all these projects have in common? They’re all publicly funded, and in Texas that requires a bond from a “T-Listed” surety.
Perhaps that’s why Ox Bonding has seen enormous growth in Texas. As the labor market tightens and the number of projects increases, there has been an increased demand for skilled contractors who can get bonded through a “T-Listed” surety.
More than ever before, Ox Bonding’s ability to bond contractors through a “T-Listed” surety has helped a growing number of contractors to successfully get bonded for publicly funded projects valued at up to $2 million.
And there’s plenty of room to grow.
New York State of Mind
But this growth isn’t limited to Texas. Colleges and Universities across the U.S. are spending money on new facilities. Because many of these schools are in funded in-part by public dollars, many require contractors to be bonded through a “T-Listed” surety.
For example, one of our clients, a large electrical contractor, recently received a $3 million bond to renovate a residence hall for a major New York City University.
Also as climate change becomes a growing concern, a growing number of infrastructure projects are underway that are backed by FEMA and other federal agencies. These projects designed to help communities recover from stronger storms and rebuild their infrastructure.
Because the projects are backed by the federal government, there is an increased need for contractors who can get a bond through a “T-Listed” surety.
For example, one of our electrical service clients recently won a bond to work on a major NYC science center and tourist attraction that was damaged by Hurricane Sandy. Five years after the storm, the contractor is hard at work performing undergoing major renovations to prevent further damage in the event of a future storm.
In both of these cases, without our ability to bond clients through a “T-Listed” surety, these contractors might not have qualified for these projects.
T-Listing and Ox Bonding Across the U.S.A.
Texas and NY are only examples of areas where being able to bond contractors through a “T-Listed” surety can be a benefit. These types of projects are regularly available in every U.S. State, which means that everyone can benefit from taking advantage of the power of bonding through a “T-Listed” surety.
By combining our expertise in bonding contractors with credit and financial issues, with the reputation of a T-Listed surety, Ox Bonding can provide contractors with the unique potential to bid on a wider range of projects than they ever could have before.
Ready to put Ox Bonding’s experience to work for you? Download an enrollment application or call us today at (877) 55-THE-OX.