U.S. Senator Bill Cassidy, M.D. (R-LA) released the following statement after the U.S. House of Representatives passed the historic bipartisan Infrastructure Investment and Jobs Act (IIJA). The act, which was signed into law by President Biden, aims to revitalize the nation's infrastructure and create millions of jobs. Many of the projects will be paid for with the Federal infrastructure package passed in 2021.
One of the IIJA's lesser-known components is the investment it provides for resilience against cyber threats to critical infrastructure like transportation systems, energy grids, and water supply networks. This funding will help protect these vital systems from potential cyber attacks.
As Governors lead on implementing the historic bipartisan Infrastructure Investment and Jobs Act (IIJA), the National Governors Association is working closely with state leaders to ensure that the funds are allocated effectively and efficiently. The act provides funding for a wide range of infrastructure projects, including roads, bridges, public transportation, broadband, and clean energy initiatives.
This publication originally cited White House award data as of October 5, 2023, and now reflects the November 15, 2023 award data, which added 3,738 new infrastructure projects to the list. These projects are expected to create thousands of jobs and stimulate economic growth in communities across the country.
The Bipartisan Infrastructure Law, as enacted in the Infrastructure Investment and Jobs Act, authorizes up to $108 billion for public transportation projects, $40 billion for bridge repair and replacement, and $39 billion for public transit systems. These investments will help modernize the nation's infrastructure and improve the quality of life for millions of Americans.
The new electric vehicle sites must be located within one mile of an interstate exit and each have at least four ports. This initiative will help expand the electric vehicle charging network and encourage more Americans to switch to electric vehicles, reducing carbon emissions and mitigating the effects of climate change.
Adie Tomer, a senior fellow at Brookings Metro, says implementation of the Infrastructure Investment and Jobs Act is on track. He believes that the act will create new opportunities for job growth and economic development, especially in underserved communities that have been historically neglected.
Construction Partners (NASDAQ:ROAD) Benefited from The Infrastructure Investment and Jobs Act. Conestoga Capital Advisors, an asset management company, has seen a positive impact on their investment in Construction Partners due to the increased infrastructure spending authorized by the act.
