Page 8: of Marine News Magazine (November 2024)

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By the

Numbers

Fierce Competition Drives Down the Cost of US Dredging Projects

Heavy competition within the U.S. dredging sector helps the base GE, 63 projects were cheaper by more to save American taxpayers hundreds of millions of dollars than 10%; 32) projects by more than 25%; each year, as highlighted by a recent industry report. 11 by more than 40%; and four by more than 50%.

According to the “U.S. Dredging Report: An Analysis • The savings to the United States is $707,332,283. of the FY23 U.S. Federal Dredging Market”, compiled by This is an average savings of tax payer dollars of dredging industry insider Michael Gerhardt, highly com- 35% per project when compared to the GEAR.

petitive U.S. dredging companies saved taxpayers $707 FY23 was also a record year in terms of contracts award- million for contracts awarded by the U.S. Army Corps of ed, with nearly $2.1 billion in USACE dredging contracts

Engineers (USACE) in FY 2023 alone. awarded, a 39% increase from FY22 and 20% above the

The USACE awards a diverse array of dredging projects, $1.7 billion seven-year average.

ranging from maintaining and deepening ports and navi- According to Doyle, this record demand is leading the gational channels to environmental restoration and shore- Jones Act dredging industry to invest heavily in its