Biden’s Budget Boosts Construction Industry

construction industry

On Friday, May 28, 2021, President Biden released his 2022 FY budget. It calls for $6+ trillion in spending that “reimagines how – and for whom – the economy works,” says Vox reporter Cameron Peters. Infrastructure spending and education are focal points.

“Trickle-down economics has never worked,” said Biden. “The best way to grow our economy is not from the top down but from the bottom up and the middle out.”

For the most part, Biden’s ambitious plan benefits our construction industry. But a 13% cut to the Army Corps of Engineers is coming under some scrutiny. But Veterans Affairs would see a 22% increase.

Rebuild Illinois Serves as Construction Industry Flagship

Also in May 2021, Illinois Governor J.B. Pritzker signed a $45 billion bill that is among the largest capital programs in the construction industry this year and the largest ever in Illinois. It’s also the first program that is multimodal. “Every aspect and mode of transportation in every part of Illinois will be touched by it,” says the Illinois Dept. of Transportation (IDOT).

The plan may create approximately 540,000 jobs. IDOT is also renewing efforts to revitalize the Disadvantaged Business Enterprise program in hopes of attracting more small businesses to the projects.

The project’s funding breakdown includes:

  • $25.3B – Roads, bridges
  • $4.6B – Mass transit
  • $1B – Rail
  • $679M – Miscellaneous transportation
  • $558M – Aeronautics
  • $492M – Create
  • $312M – Grade crossing protection
  • $150M – Ports

The total is $33.2 billion.

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