The Economic Stimulus Plan – What's in it for You?
In order to help you learn how the new package might impact your business and where you'll need to staff up, we have compiled an overview of the situation.
Besides the overview below make sure to read Dice's white paper, An IT Recruiter's Guide to the Stimulus Plan, which provides a detailed analysis, as well as our brief, How Recruiters can get Business from the Stimulus Plan.
Value and Status
Several sources list the value of the package at $787 billion, but the official government web site Recovery.org shows a total $787b minus $288b in tax cuts for real spending of $499b. Most funds will be "obligated" by September 30, 2009.
When the Funding will be Available
The goal is to get 65-75% of the tax breaks and funding into the economy by Sept. 2010 (The Washington Post). The Congressional Budget Office estimates that "two-thirds of the money would be spent in the first 18 months." According to Input.com, dozens of federal contracts have already been awarded and at least 6-7% of the total funds have already been committed.
Job Creation Recipients
Per The Washington Post, "...90% of the jobs would be created in the private sector...one-third of the new or saved jobs will be heavily weighted to construction and manufacturing..."
Good News for Those Who Hire or Recruit IT, Finance or Security-Cleared Professionals
While there isn't anything solid yet regarding specifically where the funding will go, there will definitely be impact to IT/finance/security clearance-related projects. Examples:
- Healthcare IT (electronic medical records in physician's offices and hospitals, with sharing capabilities, updated record-keeping applications, installation of new technology)
- Energy systems (development of smart power grids, green/renewable/alternative energy, energy-efficient products and buildings, and supporting networks)
- Broadband internet access (building and installing wireless and broadband networks)
- Information security, privacy and detection; critical infrastructure protection, improved disaster response
Read about Cybersecurity opportunities - Regulatory compliance IT tools related to SOX
- Education (modernizing classrooms and science labs with computers and networks)
- Public-sector technology and infrastructure improvements (systems integrators will be needed for implementation)
- VAR opportunities
Graphic Overview of Spending by Segment and a Spending Timeline
View overview from The Washington Post.
Graphic Overview of "Where the Money will Go" from CBSNews.com
View overview from CBSNews.com.
Links to White House Fact Sheets on Specific Segments
- Job numbers by Congressional district
- The bill's impact on education, energy, healthcare and infrastructure
- An overview of the bill
Economic Stimulus Registry of State and Local Contractors
You can sign up online to eventually be provided with free, ongoing "notification of upcoming economic stimulus projects." Call 1.866.744.8587 or go to www.Onvia.com (NOTE: Currently a paid service so an Onvia sales rep will contact you.) Links from Onvia:
- Job Effect by State
- Spending by State and Program
- Map showing geographical spending from the Stimulus Package as of mid-March, 2009
Input.com also provides coverage of government purchasing activity from federal, state, local and education agencies for a fee. www.Input.com (Input and Onvia are competitors.)
CompTIA is the leading association representing the international technology community and has detailed information about the IT spending in the stimulus package: www.CompTIA.com
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