The Biden Administration and Congress continue to provide strong support for the dredging industry, Great Lakes Dredge & Dock Corporation (GLDD) said in its latest financial results.
The 2024 Energy and Water Appropriations Bill provided a record $8.7 billion to the U.S. Army Corps of Engineers (the “Corps”), including $5.6 billion for Operations and Maintenance and $2.8 billion for the Harbor Maintenance Trust Fund.
Additionally, the 2023 Disaster Relief Supplemental Appropriations Act allocated $1.5 billion for infrastructure repairs and beach renourishment projects.
The increased budget and additional funding have supported a strong bid market for 2024, with a robust beach renourishment market and several capital projects.
The 2025 Corps’ budget is expected to be another record appropriation, said GLDD.
On June 28, 2024, the U.S. House of Representatives (the “House”) Energy and Water Appropriations Subcommittee passed their 2025 Appropriations Bill providing the Corps with a budget of $9.96 billion, which is $2.7 billion above the President’s Budget request.
The bill includes $5.7 billion for Operations and Maintenance projects, of which $3.1 billion is from the Harbor Maintenance Trust Fund.
On August 1, 2024, the Senate Appropriations Committee approved its draft of the 2025 Energy and Water spending bill which provides $10.3 billion in total funding for the Corps.
On September 25, 2024, President Biden approved a continuing resolution through December 20, 2024, for the Corps’ Fiscal 2025 budget.