The construction industry has recently started its climb back to pre-pandemic numbers as the world begins to return to normal. The industry has been combatting labor shortages and ongoing supply chain delays as a result of the pandemic, however, the Infrastructure Investment and Jobs Act of 2021 helped contribute to rising start rates and return to work efforts. The most recent spending package includes more provisions for infrastructure improvement beginning in 2023.
The Inflation Reduction Act
The Inflation Reduction Act, signed into law by the President on August 16, 2022, includes an additional $3 billion dedicated to improving roads. The act seeks to fund Neighborhood Access and Equity Grants, allowing local governments to redesign dangerous roads and build connections across highways and railroads. The goal of the funding is to address pollution and the division of neighborhoods created by past projects. Approximately one-third of the money was set aside to assist with projects in low-income communities. Experts warn against the cost of the projects and the reality of just how far the funding will go.