The Infrastructure Investment and Jobs Act (IIJA) which was signed into law in late 2021, has so far resulted in over 60,000 construction projects around the country aimed at modernizing the deteriorating systems that keep people and businesses moving. Despite progress, plenty of funds remain for disbursement.
Progress–and Perseverance Too
A new Fact Sheet from the U.S. Department of Transportation summarize the scale and scope of infrastructure projects underway around the country that have been funded through the IIJA, and includes these highlights:
- 175,000+miles of roadway repair and improvement
- 11,200+ projects expanding and improving public transportation
- 10,200+ projects building and repairing bridges
- 1,400+ projects improving roadway safety for drivers, cyclists and pedestrians
- 500+ projects on ports and waterways to improve supply chain efficiency
Federal leaders remind us that the important work flowing from the Bipartisan Infrastructure Law is impacting every state across the country:
Projects to rebuild deteriorating bridges, make roadways safer, upgrading ports to be more efficient, modernize airport terminals, and expand public transit and passenger rail services, including delivering the first high-speed rail systems in the country. Together, these projects are strengthening the American economy by fortifying supply chains and lowering costs, improving America’s global competitiveness, creating good-paying jobs, and unlocking economic opportunity for communities of all sizes, including rural and Tribal communities.
A nationwide map of the funded projects provides an interesting snapshot of all the work going on, while state fact sheets further detail all the projects. Generally, the three years following the commitment of federal funding through the IIJA have been a very busy time for builders, and major construction companies are indicating that there is no sign of a slow down:
In recent earnings calls, heads of AECOM, WSP, Jacobs, Balfour Beatty and Granite Construction said the infrastructure act is giving their businesses a boost. “Our [backlog] of $5.6 billion is a testament to the continued strong public and private market environment supported by the IIJA,” said Granite Construction CEO Kyle Larkin in the firm’s second-quarter earnings call….
Despite the progress on infrastructure, there is a lot of work left to do–and plenty of funding still to be awarded. In fact, $720 billion of IIJA funds remain to be distributed in the final two years of the initiative: “Much of the law’s funding is available until expended, so it is expected to fuel construction projects past the five-year period. However, other funds are appropriated in specified amounts for specified fiscal years from 2022 to 2026 … .Getting IIJA dollars where they need to go is not a simple task. Money from the sprawling law flows through more than 400 programs, channeled by a variety of federal, state and local entities.”
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