The USA construction industry will be directly impacted by the American Jobs Plan. Many of the initiative’s goals and projects focus on building, repairing or working on infrastructure. This plan hopes to address affordable housing by building and retrofitting over 2 million commercial buildings and homes.
The construction industry will also be involved in the plan’s efforts to modernize and upgrade schools, Veterans Affairs (VA) hospitals, federal buildings and learning facilities. About $100 billion will be earmarked for building and upgrading public schools, and an additional $12 billion will go to community college upgrades. Additionally, $25 billion will go toward updating child care facilities and building child care spaces in workplaces.
The Biden plan is major construction industry news. This is because of the projected amount of money, renewed need for construction professionals and additional infrastructure projects that will be arriving in the next 10 years. The plan will spend an estimated $16 billion to stop up unused mines and oil and gas wells. Some of the money will also restore old mines.
An additional $5 billion will redevelop Brownfield and Superfund sites, and $45 billion is earmarked for Environmental Protection Agency (EPA) grants to remove all service lines and pipes with lead.
Through direct funding, tax credits, grants and related projects, the American Jobs Plan introduced by President Biden will impact the construction industry by creating numerous public and private projects. These construction initiatives will require infrastructure and help create improvements, retrofits and new structures.