In November, President Biden signed a $1T bipartisan infrastructure bill which will enable enhancements for utilities and transportation over the next five years.1
$215 billion of this plan will be spent on improving travel around the nation. $110 billion will be dedicated to roads, bridges and other projects. $66 billion will be spent on passenger rail and freight. An additional $39 billion is earmarked for our public transit systems.1
$65 billion will be used to bring broadband internet to areas it hasn’t been previously available.1 The need to expand broadband access was brought to light during the pandemic when millions of Americans were left at home without reliable and effective internet service.
In many parts of the country, the bill will be creating jobs for people. The much discussed projects will move from the planning stages into the real world. These projects range from replacing lead pipes in water systems to upgrades to bridges and roadways.1
Large government programs often mean money for private concerns as contractors place bids and hope to be hired for these upcoming projects. If you have questions about how these infrastructure projects could affect your overall financial strategy, reach out to your trusted financial advisor for help.