Posted on 18 Nov 2024
November marks the three-year anniversary of the US's $1.2 trillion Bipartisan Infrastructure Law, also known as the Infrastructure Investment and Jobs Act, Kallanish learns from the Department of Transportation.
Whilst some steel market players indicate that many of the funded infrastructure projects are slow to materialise, they remain hopeful that the rollout will stimulate demand ahead.
Radius Recycling expects a demand boost to come from higher spending associated with the infrastructure programs (see Kallanish 28 October). That is also the case with Insteel executives, who mention anticipated demand improvement (see Kallanish 18 October).
The spending is showing up in economic readings. September US construction spending ticked higher, fuelled in large part by ongoing infrastructure investment, including highway and street, sewage and waste disposal and water supply (see Kallanish 5 November).
Thus far, nearly $570 billion in Bipartisan Infrastructure Law funding has been announced for more than 66,000 projects. Priorities thus far are repairing 196,000 miles of roads and 11,400 bridges, replacing 367,000 lead pipes, and expanding and modernising ports and airports.
President Joe Biden's administration highlights the employment benefits from the legislation. The federal investments "created 940,000 construction jobs, and construction employment is at a record high—higher than the previous peak before the Great Recession," states a White House fact sheet.
Source:Kallanish
