To amend the Davis-Bacon Act and related statutes in order to provide new job opportunities, effect significant cost-savings on Federal construction contracts, promote small business participation in Federal contracting; to reduce unnecessary paperwork and reporting requirements; to clarify the definition of prevailing wages, and for other purposes.

Amends the Davis-Bacon Act to increase the threshold amount of a Federal contract covered by such Act from $2,000 to $1,000,000.

Provides that computation of the prevailing wage shall be based on the particular urban or rural subdivision of the State in which the work is to be performed.

Directs the Secretary of Labor to establish as the prevailing wage the entire range of wages being paid to the corresponding class of laborers or mechanics where more than a single wage is being paid.

Excludes the wage rates of other Federal projects from such prevailing wage computation.

Provides that helpers of a class of laborers or mechanics shall be considered as a separate class, with their prevailing wages to be determined on the basis of the corresponding class of helpers.

Amends the Copeland Act to require (rather than a weekly statement of wages paid) a statement at the beginning and at the end of the contract period with respect to the weekly wages paid.