After passing in the House in July, the INVEST in America Act (H.R. 3684) — retitled by the Senate as the “Infrastructure Investment and Jobs Act” (IIJA) — is still undergoing intense debate.
Since the debate began in Congress several months ago about the size and scope of a passable bill for infrastructure and jobs creation, the general idea has garnered wide bipartisan support. As usual in Washington, the devil is in the details.
The varying opinions between Republicans and Democrats are largely based on two issues:
The Infrastructure Investment & Jobs Act in a nutshell.
The proposed Infrastructure Investment & Jobs Act (IIJA) would provide the largest increase in federal highway, bridge, and transit funding in six decades — when the Federal-Aid Highway Act of 1956 signed by President Eisenhower created the US Interstate Highway System. The IIJA offers a generational opportunity to repair and modernize the transportation system across all 50 states, while delivering economic benefits for years to come.
In a study commissioned by ARTBA, global forecasting firm IHS Markit predicts more than 100,000 new jobs by 2023, increasing to more than 250,000 by 2025. Over half of the
se new jobs will be outside of the construction sector due to the multiplier effects of federal highway and public transit investment.
What’s in the IIJA for Rhode Island:
Compared to previous FAST Act funding (FY 2016 thru 2020), the current version of the Infrastructure Investment & Jobs Act is slated to provide a 42% increase in FY 2022, and a 53% increase over the course of the five-year plan. IIJA benefits forecasted for Rhode Island in the September 2021 report released by IHS Markit include:
• $2.06 billion in federal highway, bridge and transit funds
– $1.77 billion allocated to highways and bridges
– $283 million allocated to public transit
• The addition of $412M per year to RI’s state GDP through multiplier effects
• A $156M increase in yearly disposable income for Rhode Islanders — an average of $368 per household
• An average $72M increase in state and local tax receipts without the need to raise tax rates
An organization-wide call for support.
CIRI urges all our members to communicate their support for the Infrastructure Investment & Jobs Act to legislative leaders, among industry peers and associates, and within their respective companies. For more information on the IIJA, visit the link provided below.