The Infrastructure Bill was signed into law on November 15, 2021, by President Joe Biden and allocates $550 billion of new funding over the next five years to improve our nation’s infrastructure network. This funding will help improve our nation’s core infrastructure priorities while also improving permitting for larger infrastructure projects, improving rural infrastructure development, and providing long-term spending that will improve economic efficiency and productivity. It goes without saying that it will have significant impacts on the AEC Industry by not only increasing funding to a previously significantly underfunded area, but it will also create countless new jobs across the industry.
The above numbers are a portion of the overall spend as they pertain to the laws funding initiatives. Each state has put together a detailed “fact sheet” that highlights what they plan to use the funding for. These fact sheets cover everything from the specific plans each state has for utilizing their funding to the dollar amount they expect to receive for each objective. These fact sheets can be reviewed on the Whitehouse’s website.
The goal of the infrastructure bill is to provide the necessary funding to improve our infrastructure network and make us more competitive on a global scale. Overall, the United States’ infrastructure ranks #13 globally according to the scores developed by the World Economic Forum. The Infrastructure Investment and Jobs Act will provide significant funding to increase our infrastructure network, increase jobs, and boost the economy.
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