How Can The U.S. Infrastructure Law Help Industrial Firms?

Biden administration officials announced last week that 4,300 infrastructure projects are in progress as a result of the Infrastructure Investment and Jobs Act (IIJA) that was approved by Congress last year and signed into law by President Joe Biden.

More than $110 billion in funding has been allocated so far. That number includes $52.5 billion for federal highway funding this fiscal year, $20.5 billion for improving public transit, and $27 billion is for bridges over the next five years. Money has also been spent on safety, rural highways, airports, and ports.

Governors and local mayors are responsible for 90 percent of the infrastructure plan’s expenditures and the federal government responsible for 10 percent. Specifically, as Thomas Industry Insights has explained, each of the 50 states has access to funding and specified budgets, which are made either directly, or through funds and programs to businesses, contractors, and employees in various industries.

The White House also has created a Bipartisan Infrastructure Law Guidebook, or www.Build.Gov, which is a roadmap to the funding available under the law. In addition to providing an explanatory document that shows program-by-program information, the www.Build.gov website has a variety of useful documents outlining grants, funds, and other programs businesses may be interested in.

As Thomas Industry Insights also explained, there are several competitive grants available under the IIJA, including the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) grant, which has been used to build bus lanes and repair highways.

Grants.gov also provides resources to find applicable grants or funding opportunities for most industrial businesses.