According to the American Society of Civil Engineers (ASCE), a lack of investment in US infrastructure has result in over $4 trillion in lost economic productivity in the last decade alone.
The backbone of the US economy, infrastructure affects everything from how people get to work and travel, to providing people with access to the internet and clean water. But existing infrastructure in the US is holding the country and its economy back.
Recognizing this, in November 2021, the Bipartisan Infrastructure Law was passed representing a historic step toward improving the nation’s infrastructure, whilst also creating jobs, improving the economy and helping the US compete on the global stage.
The $1.2 trillion bill includes $550 billion in investment over the next five years for the country’s transportation, broadband, utilities and more. Hailed by President Joe Biden as a “monumental step forward”, the bill is the largest federal investment in the country's infrastructure for decades and promises to change Americans’ lives “for the better”.
“We’ve talked about asserting American leadership in the world with the best and safest roads, railways, ports, and airports” Biden said ahead of the infrastructure bills’ passing. “Today, we are finally getting it done. And my message to the American people is: America is moving again. And your life is going to change for the better.”
Combined with the Build Back Framework, it is forecast to create on average 1.5 million jobs per year over the next 10 years.