The long-awaited infrastructure bill will be signed into law Monday, the Biden Administration announced yesterday. The bill includes $550 billion in new infrastructure spending, with much of that directed to highway construction ($273.2 billion), passenger and freight rail ($66 billion), broadband ($65 billion), power-grid infrastructure ($65 billion), airports ($25 billion) and ports ($17 billion).
According to a report by Moody’s, the bill will add $35 billion to U.S. construction activity by 2023. “For 2022 and 2023, we project U.S. construction spending to grow about 5 percent. Persistent labor shortages could affect our growth assumptions,” Moody’s report, U.S. infrastructure legislation offers years of visibility to industry already enjoying strong operating momentum. “For 2023, we project the infrastructure bill to significantly boost U.S. construction spending in education, transportation, power, and highway and street work, offsetting slower acti