On November 15, United States President Joseph R. Biden will sign into law the $1.2 trillion Infrastructure Investment and Jobs Act to start rebuilding America and turbocharge our nation’s economic growth—including at least $17 billion to fund projects across the State of Illinois.
The bipartisan legislation includes around $550 billion in new federal investment in America’s roads and bridges, water infrastructure, resilience, internet, and more, and will add, on average, an estimated two million jobs per year over the course of the next decade.
The United States Chamber of Commerce has spent months advocating with White House officials, congressional leaders from both parties, business and labor leaders spanning industries, and local communities across the country and local chambers—the Elmhurst Chamber of Commerce and Industry among them—to ensure passage of the legislation.
Here are five big wins for America’s economy now that the legislation has passed:
Upgrades All Physical Infrastructure
In addition to serving as the large investment in roads, bridges and passenger rail in more than a century, the package also represents the largest federal investment in public transportation, clean drinking water and wastewater infrastructure in American history. It will connect 14 million Americans to broadband internet services and provide clean drinking water for 10 million families and 400,000 schools and childcare facilities.
Provides Fast Approvals for New Projects
Provisions have been included that will streamline the permitting process to prevent federal bureaucracy from blocking the growth, development and job creation that this bill makes possible.
Make Historic Investment to Address Climate Change
The bill includes a climate title within its surface transportation provision—a first for major federal legislation—to help ensure that America’s infrastructure is built to withstand the winds, rising waters and natural disasters likely to be wrought by climate change in the decades to come. Some $100B has been allotted in total climate, energy and sustainability investment—making it the largest federal climate legislation in U.S. history.
Equips All Communities for the Future
The package provides funding for communities across the U.S. to not only fix old infrastructure, but also to think anew about how to prepare for the future—including broadband buildouts, new airports, energy infrastructure and more.
Improves Project Delivery to Encourage More Private Investment
Modernization of the permitting process will increase private funding for both construction and project life-cycle costs, enabling the business community to fuel growth, create jobs and further economic progress to the benefit of all Americans.