In June, President Biden unveiled the $2 trillion American Jobs Plan.
While you’ve probably heard bits and pieces about the infrastructure plan, you may be left wondering how Biden’s plan might affect your construction business.
Here we take a look at the current details of the plan and what it may mean for Houston contractors.
Biden’s plan calls for investing:
The focus of the improvements would be climate change mitigation, resilience, and equity, and safety for all users, including pedestrians and cyclists.
The bill includes the provision of:
* Upgrading the current infrastructure
* Making stations accessible to all users
* Bringing public transportation to new communities; and
* Modernizing and expanding the current transit and rail networks across the country, including the replacement of thousands of vehicles with zero-emission models.
According to the White House, this is the largest federal investment in the history of public transportation, including the creation of Amtrak.
The infrastructure bill allocates:
The bill includes:
These funds would allow for the:
The bill would provide:
Included in the bill is:
The bill would invest:
The bottom line?
While the huge increase in projects across the realm of construction will be a huge boon to the industry, there are a couple of factors that may prove to be challenging.
First and foremost there will be a need for additional skilled construction laborers. While this definitely translates to a high level of job security, there will be a challenge in overcoming the current scarcity of skilled labor.
The restoration of the currently depleted supply chain will be another obstacle to overcome. 2020-2021 have seen an enormous increase in the cost of raw materials, causing pauses in construction or dramatic increases in the cost to build. While the Biden administration says they’re committed to removing supply chain constraints, it will likely take time to get everything running smoothly again.
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