Key Takeaways
- The Department of Labor (“DOL”) announced its long-awaited final rule updating the Davis Bacon and Related Acts.
- The new rule will have significant impacts on many industries and businesses, particularly federal construction contractors and subcontractors.
- Regulated parties have 60 days from publication of the final rule in the Federal Register (currently scheduled for publication on August 23, 2023) to come into compliance with the rule.
Will This Impact You?
Contractors and subcontractors who perform work on federal and federally assisted construction contracts of $2,000 or more will be impacted by the changes made by the new rule. The changes to the rule will annually affect an estimated $217 billion in federal and federally assisted construction contracts and wages for approximately 1.2 million construction workers.
