[ad_1]
\n<\/p>\n
Legislation passed since 2021, including the Infrastructure Investment and Jobs Act<\/a>, Inflation Reduction Act<\/a> and the CHIPS and Science Act<\/a>, collectively authorized federal investments of nearly $1.9 trillion over a period of years and spurred additional investments from the private sector<\/a>.\u00a0<\/p>\n In testimony to Congress in March, American Road and Transportation Builders Association Chair Paula Hammond said that \u201cmore than 36,000 transportation improvement projects<\/a> \u2014 including at least one in every congressional district \u2014 have moved forward in the past 16 months as implementation of the federal Infrastructure Investment and Jobs Act continues.\u201d<\/p>\n The White House says these projects include<\/a> clean water infrastructure, public transportation, intercity passenger rail, power grid upgrades, electric buses, roads and bridges, high-speed internet availability, infrastructure resiliency and projects to address legacy pollution.<\/p>\n These investments have been a boon for the companies that design and build those projects:<\/p>\n Tutor added, \u201cRecent data supports our projections that the U.S. economy continues to be strong and resilient, despite the effects of inflation and higher interest rates, particularly in the area of public works, with diminishing concerns about the threats of a recession. Some of this strength can be attributed to funding toward investments in infrastructure by the bipartisan infrastructure law.\u201d<\/p>\n A Construction Dive report found, however, that the sheer size and number of new multibillion-dollar factory projects spurred by the CHIPS Act is creating labor shortages in construction<\/a>, especially in certain states,\u00a0that \u201cthreaten to derail both the manufacturing boom and other construction activity in those hubs.\u201d<\/p>\n Parsons\u2019 Smith warned of two possible \u201cheadwinds\u201d:\u00a0Ongoing budget debates in Congress that end in a continuing resolution would cut non-defense spending 1%<\/a> below the current fiscal year. He also expressed concerns about employee hiring and retention. \u201cRight now, we\u2019re not seeing those [headwinds], but those would be the ones that we would keep an eye on,\u201d he said.<\/p>\n<\/p><\/div>\n\n