INVEST in America
This month, the House of Representatives passed the INVEST in America Act, a bipartisan infrastructure bill that opens up billions in new funding for sustainable construction projects across the country.
The new deal includes $973 billion in investment over the next five years and $1.2 trillion if continued over eight years.
Sustainable Infrastructure
The bill focuses on newer and greener methods of transportation and infrastructure expansion, including renewable energies, electric vehicles, and more public transportation options. While this shift away from oil and coal-based energies has some worried, the focus on sustainability is going to mean great things for the industry.
Specifically, the bill will create 82,000 jobs in the sector, add $62 billion in wages, and boost the industry’s GDP by $75 billion, according to Construction Dive.
Where’s the Money?
According to the White House’s fact sheet on the bill, financing will come from:
- Reduce the IRS tax gap
- Unemployment insurance program integrity
- Redirect unused unemployment insurance relief funds
- Repurpose unused relief funds from 2020 emergency relief legislation
- State and local investment in broadband infrastructure
- Allow states to sell or purchase unused toll credits for infrastructure
- Extend expiring customs user fees
- Reinstate Superfund fees for chemicals
- 5G spectrum auction proceeds
- Extend mandatory sequester
- Strategic petroleum reserve sale
- Public-private partnerships, private activity bonds, direct pay bonds and asset recycling for infrastructure investment
- Macroeconomic impact of infrastructure investment
Long-Term Growth
This bill is a testament to how crucial our industry is, not only for America’s history, but for our future. As we pivot to be more sustainable and focused on technology, many new and exciting opportunities lie ahead. We’re excited to meet new challenges head on!
Need the latest in heavy equipment tech and expertly-trained operators? Drop us a line: jhworthy@steadfastentities.com