Breakdown of New Infrastructure Bill Signed by President Biden

Nov 15
min Read
Business Texting

President Joe Biden signed a new $1.2 trillion infrastructure package into law on Monday, marking the start of billions of dollars in projects across the country.

The plan contains tens of billions of dollars, earmarked for water, transportation, broadband and cybersecurity improvements over the next five years.

The biggest chunk of the money will go towards transportation, to the tune of $284 billion. Each state transportation department will get a certain amount of that money, based on population, and needs. Smaller portions of the money will go to other grants delegated by each state.

Some states will start these projects right away, but may will take months, even years to actually start breaking ground.

This leaves the door open to competitive bids. States will take time to choose the best companies to complete each project.

The CEO of Associated Equipment Dealers was at signing at the White House today and released a statement calling it a “significant victory for the equipment industry.”

Members of the equipment industry also played a big role in informing congressional leaders about the importance of this bill, not only for the infrastructure, but also for the jobs and revenue it will create for the equipment industry.

The exact amount of money given to each state is still being worked on, but with so much in the project already, most will be getting billions.

The new package also includes plans to update infrastructure to stand up against extreme weather. This will mean improvements for things like flood prevention, ecosystem restoration, and power grid boosts.

There will also be a focus on renewable energy projects that will also be taking bids.

Right now, states are starting the process of getting bids on all of these projects, so it’s important for dealers to get ahead of the line, and make sure to fight for these projects.

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