Bipartisan Infrastructure Bill
On November 15, 2021, President Biden signed the Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Deal, passed by the U.S. Congress. This legislation will provide $1 trillion ($550 billion in new spending) to upgrade and improve the nation’s roads, railways, bridges, water supply, and broadband internet. The investments will take place over 5 years through a combination of funds, including repurposing unspent emergency relief funds from the COVID-19 relief bills, strengthening tax enforcement for cryptocurrencies, and other revenue streams. The United States has faced significant challenges in upgrading the nation’s physical infrastructure which makes this investment popular amongst states and cities across the country.
Starting preparation and positioning now are going to be crucial for small businesses that want to get involved in the upcoming procurement of infrastructure repairs and upgrades that will happen because of the passage of this bill. TargetGov analysts anticipate that many of these projects will be handled by large commercial and industrial construction prime contractors who will work with subcontractors to fulfill the government’s requirements. Building strong relationships with other contractors in addition to the federal, state, and local government decision-makers will improve your company’s opportunity to win.
Breakdown of Infrastructure Spending
The following is a breakdown of what’s included in the $1 trillion of infrastructure spending:
- Roads, bridges, major projects: $110 billion
- Passenger and freight rail: $66 billion
- Public transit: $39 billion
- Airports: $25 billion
- Port infrastructure: $17 billion
- Transportation safety programs: $11 billion
- Electric vehicles: $7.5 billion
- Zero and low-emission buses and ferries: $7.5 billion
- Revitalization of communities: $1 billion
- Broadband: $65 billion
- Power infrastructure: $73 billion
- Clean drinking water: $55 billion
- Resilience and Western water storage: $50 billion
- Removal of pollution from water and soil: $21 billion
What is your company positioning for? What of this work can you do? If your company can do these types of work, make sure you are reaching out to the appropriate decision-makers using your KickStart Program® or your FAST® Process tools. If you don’t have these tools, or need a refresher, reach out to TargetGov Sales team for an overview of what is available.