Trillions in Government Funds Highlight Infrastructure in Top States for Business
Historic government initiatives such as President Biden’s CHIPS Act and the Inflation Reduction Act, along with a national effort to rejuvenate supply chains, have turned infrastructure into the primary arena for economic development in 2024.
According to CNBC, there is nothing quite like a couple trillion dollars in federal money to get companies and states focused on infrastructure.
Landmark programs including the CHIPS and Science Act, the Inflation Reduction Act, and the Bipartisan Infrastructure Law each include hundreds of billions of dollars to revitalize domestic manufacturing and to secure supply chains.
Plus, global turmoil and the Covid-19 pandemic have reminded companies about the importance of keeping production close to home and accessible.
“When you’ve got all those variables combined — the federal money, the mitigation of risk, and reshoring, moving production capacity away from abroad and moving it back to the United States— it has created a situation where you’ve got a lot of companies vying for a limited amount of sites in the U.S.,” said Seth Martindale, Chairman of the Site Selectors Guild, the industry trade group for corporate location consultants.
Which states are winning the battle over infrastructure — and everything else that makes a state great for business? America’s Top States for Business 2024, CNBC’s 17th annual study on state competitiveness, is here to find out.
