Bipartisan Bill Could Create More Than 800K New Jobs
In an article at Fox Business, analysis from S&P Global estimates that the Infrastructure Investment and Jobs Act would bump up employment by over 880,000, including jobs in construction, engineering and accounting:
If it becomes law, the bipartisan, Senate-approved infrastructure bill will also increase per capita personal income in 2030 by about $100 per person, or roughly 10.5%, according to the S&P study. With fatter paychecks and more jobs, households are projected to spend an additional $677 billion over the eight-year period.
“This will likely help offset some of the impact of COVID-19 on the jobs market, providing a lifeline to the millions of unemployed workers, including many long-term unemployed, who were displaced by it,” the analysis said.
At the same time, the infrastructure bill, which includes $550 billion in new funding, could boost productivity in the long run, raising GDP – the broadest measure of goods and services produced in the country – by 2.1% on an annual basis over the next eight years. The plan is estimated to add about $1.4 trillion to the economy over the next eight years.
Without additional infrastructure spending, GDP is expected to plateau around 1.7% by 2030, according to economic projections released by the nonpartisan Congressional Budget Office in July.
