On the heels of the Infrastructure Investment and Jobs Act passing, a number of projects receive funding.
Funding for infrastructure is starting to be allocated and the industry will start seeing projects receive the much needed funding.
According to JD Supra, the use of the public funds to clear backlogs at the country’s ports, which are contributing to shipping delays and price increases in imported consumer goods, have already been announced. The remaining initial set of spending authorized by the IIJA will be issued towards two concerns prioritized by the current administration: improvement to access of broadband internet and replacement of hazardous lead drinking pipes.
The passage of the IIJA provides exciting opportunities for construction industry professionals, not just in the traditional sectors of road, bridge, and rail repair and construction, but also emerging sectors such as climate resiliency and electric vehicle infrastructure. The full distribution of IIJA funds and its impact on the construction industry will only gradually be felt by the industry over the next five years, as the administration plans to focus on determining and funding “shovel-worthy” projects in addition to funding “shovel-ready” projects.