That, more or less, is your hourly salary cost. The billing rate is the multiplier times the salary cost. This is the very low end. You can't make money with consistently smaller multipliers, because you have to pay various taxes, insurance, overhead, vacations, sick leave, and so on. It's hard to get this rate for pure GIS work, though.
Governments usually get substantial discounts.
The same high-end consultants may have to stoop to a 2.8 or even a 2.5 multiplier. Most consultants are quite happy with multipliers in the low to high 3's. In the consulting business we often know our competitors by their multipliers more than by any other aspect of their operations. But that's getting away from the topic. All that being said, I think most of us will recognize ourselves somewhere in the responses and will enjoy comparing those rates with what our work is fetching now.