NEW YORK–(BUSINESS WIRE)–#KBRA–KBRA releases research that discusses the Infrastructure Investment and Jobs Act (IIJA) signed into law by President Joe Biden on November 15, 2021, and the anticipated impact of the funding for states. The first component of the act is a reauthorization of existing programs totaling $650 billion in spending over 10 years. The second component, which represents $550 billion in new spending allocated over five years, includes $284 billion for transportation (highways, bridges, airports, ports, and mass transit) and $266 billion for other infrastructure (power grid, water, broadband, environmental resiliency, cybersecurity, and other areas).
Key Takeaways
- The largest states in terms of population account for the largest allocations under IIJA.
- Highways and bridges are the largest category of incremental spending under IIJA, accounting for 20% of the $550 billion in new spending. Recent guidance indicates that the new funding will have more restrictions than existing programs, which may steer funding toward modernization and operational efficiency of existing assets rather than the construction of new roads and highways.
- Resilience is also an area of focus, with 8% of the $550 billion in new spending directed to address emerging challenges from climate change, cyberattacks, droughts, floods, and wildfires. These focus areas will help states to address evolving challenges and opportunities associated with a changing climate and emerging technologies.
Click here to view the report.
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