Green Turns To Gold As Thousands Of Stimulus-Funded Energy Projects Are Awarded To Contractors In 2010
SEATTLE, March 11 /PRNewswire-FirstCall/ -- Onvia, Inc. (Nasdaq: ONVI) is tracking 2,700 energy efficiency, renewable energy, and transmission upgrade projects kicking off in 2010 as a result of funding in the American Recovery and Reinvestment Act, signed into law a year ago. Worth billions, these projects will lay the foundation for a green economy that will fuel job and business growth for years to come. Onvia is the leader in gBusiness solutions and the creator of Recovery.org, a private sector initiative to give businesses transparency into recovery project spending.
"Although the majority of the $40 billion in stimulus funds designated for energy projects was intended to be spent quickly, much of it has yet to be awarded to the contractors that will do the work – but that will change in 2010, " said Mike Pickett, CEO of Onvia. "We witnessed a flurry of activity in the second half of 2009 which signals agencies are ready to advertise and award huge sums to contractors so they can get started."
Onvia collaborated with REMI, the recognized authority on economic models, to produce The Next Economy: 2010 Government Market Outlook. Top line findings regarding energy projects include:
- Onvia is tracking 3,400 energy-related ARRA funded initiatives.
- 100,000 new jobs are forecasted as a result of stimulus-funded energy projects, with the lion's share (60,000) in the Southeast. The highest salary per job will be in New England.
- Smart grid projects will lead the way, such as the $851 million grid modernization in IN, KY, NC, and OH; the $639 million installation of 2.2 million smart meters in TX; a $578 million smart grid project in FL; and a $520 million smart grid virtual power plant in NC.
- Energy products and services sought by government agencies will be wide ranging, covering generation, transmission, metering, building automation systems, and security technologies.
- Additional funding will come from Clean Renewable Energy Bonds and the jobs bill.
- According to the Department of Energy, every $1 the government spends on state energy programs results in $7.22 in energy cost savings.
"Government spending is at an all-time high and we do not see that changing in the foreseeable future," said Pickett. "We are witnessing the 'Next Economy' in which government more actively participates in business interests through regulation, direct ownership, contracting requirements, and other means. For business, the debate isn't about the size of government, but rather how to engage in and influence this vast and growing market."
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