The long-awaited $1 trillion infrastructure bill passed the U.S. House on Friday night and heads to President Joe Biden’s desk for his signature.
The Infrastructure Investment & Jobs Act includes $550 billion in new funding over five years as well as reauthorizes increased transportation funding through 2026.
The Surface Transportation Reauthorization Act included in the bill would spend a record $304 billion over five years for highway, road and bridge programs, a 34% increase over current levels, according to the Associated General Contractors.
“Because of today’s vote, state and local officials will be able to invest in a more efficient supply chain network. They will also be able to improve roads and bridges to make them safer and more reliable,” says AGC CEO Stephen Sandherr. “Metro areas will be able to better maintain and expand transit systems. And water authorities will be able to further safeguard the quality of local drinking water, among other improvements funded by this bill. The measure also provides needed investments to make infrastructure more resilient to extreme weather events.”
The American Road & Transportation Builders Association says the bill will amount to a 36% annual increase in real highway funding, the highest since the late 1950s.
The infrastructure bill increases annual real highway funding 36%, according to the America Road & Transportation Builders Association.ARTBA
“The Infrastructure Investment and Jobs Act is the most significant measure in more than 50 years to meaningfully address the condition and performance of the U.S. transportation network,” says ARTBA President and CEO Dave Bauer.
