Implementing the federal infrastructure law received a big boost this month, with Congress passing a 2022 spending bill. The move marks the end to the federal government being propped up by stopgap funding measures. For the road and bridge industry, the budget approval unlocks funding increases provided by the Infrastructure Investment and Jobs Act.
The Build Indiana Council welcomes this major step forward in realizing the additional funds envisioned by the federal infrastructure law. As President Joe Biden and administration leaders go full speed on implementation, we will communicate developments to our members.
With funds beginning to flow to state and local governments from the law, we’ll definitely see increased activity this construction season. For more on how the law could impact Indiana, please click here for a BIC explainer.
The new funding also comes amid the highest inflationary pressures in 40 years, pushing construction costs up. This Wall Street Journal article dives into how inflation, labor shortages and supply-chain issues could undercut our ability to fully leverage IIJA funds.
At BIC, we’re closely monitoring inflation’s effect on the industry as we seek to provide sustainable infrastructure funding for Hoosier roads and bridges! A big part of that mission is to continue the momentum provided by the state’s historic infrastructure investment in 2017.
As inflation threatens a return to the status quo, please feel free to reach out to BIC Executive Director Brian Gould [email protected]. Your insight is important in preparing for the 2023 state budget cycle!
