Nation’s Future Brightens with Passage of Infrastructure Investment Package

Congressional policymakers and the Biden administration generated bipartisan support to pass the trillion-dollar infrastructure bill on November 5. The House of Representatives passed the Senate version of the Infrastructure Investment and Jobs Act (IIJA), which meant the bill would be sent to President Biden’s desk and expected to become law soon.

Many view this infrastructure bill as a generation-defining piece of legislature that when combined with the passing of the reconciliation budget will likely produce a building boom across the U.S. not seen since the New Deal in the 1930s. It is worth noting that the IIJA is not another stimulus effort, rather it represents a generational shift in how, as well as the types of projects that get built.

Commercial real estate industry leaders praised the lawmakers and White House for advancing the legislation that is expected to improve the nation’s infrastructure, spur economic growth and advance national efforts to combat the climate crisis.

The Real Estate Roundtable’s Chair John Fish, who is Chairman and CEO of Suffolk, said, “The real estate industry has long been committed to an ambitious vision for infrastructure. The passage of the bipartisan infrastructure bill by Congress is an historic opportunity to position our nation for sustainable growth and greater economic prosperity. Thank you to Members of Congress for coming together and supporting this critical legislation. I urge President Biden to sign the legislation as soon as possible so we can get shovels in the ground and start building a brighter future.”  

The responsibility for allocating funds and getting projects moving forward is held by federal agencies such as the Departments of Transportation and Energy, though state and local officials have a significant assignment to determine which projects are priorities. They own and operate most of the infrastructure and will be charged with designing and building new projects, hiring the contractors, and allocating their own funds to bring projects to fruition.

Roundtable President and CEO Jeffrey DeBoer, says, “This infrastructure bill will repair and upgrade the nation’s roads, bridges, mass transit, high-speed rail, broadband, power grid, water pipes, electric vehicle charging stations, and other critical infrastructure. We applaud this investment in our nation’s future and look forward to the jobs, communities and progress it will support.” 

The architects of the infrastructure bill envision it as a longer-term effort that relies on a more patient approach to rebuild American competitiveness through a structured infrastructure program. Spending will touch just about every sector of infrastructure, including transportation, water, energy, broadband, and the resilience and rehabilitation of the nation’s natural resources. Roughly half of new spending is transportation-focused including such areas as roads, bridges and major projects, freight and passenger rail, public transit, airports, ports and waterways, low-carbon and zero-emission school busses and ferries, and electric vehicle charging.

DeBoer added, “The Roundtable also is encouraged that the bill emphasized the expanded use of public-private partnerships to reach infrastructure goals – as well as measures that will streamline the federal permitting process and improve key federal energy data that support EPA building labels.”

Those advocating for infrastructure improvements, economists, business leaders, local cities and community organizations lobbied Congress for such a major, comprehensive infrastructure package. They believe the country must invest to remain competitive today and down the road. Passage of the legislation paves the way for America to start that rebuilding process.