On November 5th, Congress passed a new law promising investment into infrastructure across the country. At $1.2 trillion, there are many expected benefits and enhancements to come. Today, we will look at the bill and consider how the provisions will benefit businesses in Texas.
What is included in the infrastructure plan?
The plan passed is a wide-reaching in scope and includes earmarks spending such as:
- $110 billion to repair roads and bridges nationwide
- $39 billion to expand public transit
- $66 billion to improve Amtrak’s Northeast corridor
- 5 billion for electric vehicle infrastructure
- $65 billion for nationwide internet access
- $65 Billion to modernize the nation’s electric grid
- $25 billion to improve airports
- $55 billion to improve water and wastewater industries
The spending package is generous and focused on rebuilding large sections of the US that have fallen into disrepair. The expected construction will lead to a surge in many projects across the county.
What are the opportunities for Texas investors?
The future infrastructural investments are all significant size. While each state will see varying levels of investment, Texas may see a sizable influx of cash in two prominent areas:
- Road construction: The roads in the Houston area are at D+ in terms of quality. While the Texas Department of Transportation does not oversee these roads, there will be an excellent opportunity for road and highway investment across the state.
- Grid modernization: Texas was a leader in power grid efficiency and cost for a long time, but last winter has changed perceptions. Texas’ grid has faced numerous challenges recently and may need additional federal investment.
As time goes on, the bill may have even further-reaching effects on Texas and offer greater opportunities for Texas firms.
Building a successful bid
There will be an influx of lucrative federal contracts up for bid for Texan developers and contractors. This bidding process for these projects will be competitive. Crafting the correct proposal can require a detailed understanding of your business and the legal realities at play. This will require the insight of skilled attorneys who understand your challenges.