Did you know that 3.4% of all Defense spending is done in the state of Connecticut?
(Office of Local Defense Community Cooperation — Defense Spending by State, FY 2021)
The Whitehouse reports that The United States is in the midst of implementing an unprecedented and ambitious manufacturing and investment agenda following the passage of the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act. This will help to strengthen our national competitiveness, promote innovation, and revitalize local economies nationwide. Under President Biden’s leadership, we are seeing an historic boom in American manufacturing, with over 700,000 manufacturing jobs created.
With this increase in Government spending and investment on manufacturing, it is critical for organizations to develop and maintain efficient processes for controlling assets at their disposal. In an effort to maximize performance during this surge of potential projects and initiatives, operational aspects such as the procurement, receipt, establishment of records, maintenance plan, counterfeit detection and mitigation, utilization, and ultimately repurposing and disposition of materials and equipment is vital for an organization’s success.
But investments aren’t limited to personal property assets. The passage of the CHIPS and Science Act of 2022 marks a significant investment to strengthen American manufacturing, supply chains, and national security. The current administration reported construction of new manufacturing facilities has increased 116 percent over the last year.
As such, asset managers at various levels need to consider the impact of Real Property procurement, utilization, maintenance and disposition of Real Property (buildings and structures) and procurement as Federal, State and local authorities place emphasis in modernizing the way we perform jobs while reducing our footprint. Additional real property professional considerations include:
- Comparing benefits of Leasing vs. Owning real property assets
- Optimizing use of real property, especially as societal shifts towards a more hybrid work environment
- Modernization of current assets for the workforce of the future
To learn about Asset Management management, from a Financial, Compliance or Operational aspect, consider joining the National Property Management Association (I am part of the Nutmeg Chapter), a non-profit membership association for professionals who are responsible for the effective and efficient management of equipment, materials, and other moveable and durable assets for their organization.
Interested in learning about Defense Spending in your State?
Check out the Defense Spending by State FY2021 report at Department of Defense Office of Local Defense Community Cooperation.