WASHINGTON, Sept. 22, 2021 /PRNewswire/ — Every $1 increase in federal highway, bridge, and public transit investment under the Infrastructure Investment & Jobs Act (IIJA) will generate as much as $3.60 in economic activity, according to a new analysis from IHS Markit, a global information leader with expertise spanning numerous industries, including leading positions in finance, energy and transportation.
Among the major economic benefits documented in the study:
- The combined $153.7 billion in new highway, bridge and public transit investment under the IIJA would add $488 billion to U.S. GDP by 2027.
- As federal highway and public transit investment spurs economic growth, the additional funding from the IIJA supports more than 250,000 new jobs by 2025. Over half of these positions will be outside of the construction sector.
- More economic activity means federal, state, and local tax revenues will increase more than $160 billion. These revenues can be reinvested throughout local communities.
- New jobs and higher wages benefit American households—with personal disposable income increasing by $69 billion by 2027, or more than $500 per household.
The $1 trillion IJJA was approved by the Senate 69-30 last month and is pending in the U.S. House of Representatives, where Democratic leaders have pledged to act on it by Sept. 27.
The report quantifies the state-level increases in GDP, disposable income, consumer spending, and state and local tax receipts from the additional highway, bridge, and public transit investment.
It also provides a breakdown of benefits by major industry, with over 15 percent of the jobs created in the manufacturing, health care, social assistance, real estate, and rental/leasing sectors.
The full report, national and state data are available: http://iijaeconomicimpacts.org.
The analysis was commissioned by the Washington, D.C.-based American Road & Transportation Builders Association (ARTBA).
About IHS Markit
IHS Markit is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions.
About ARTBA
Established in 1902, ARTBA represents the U.S. transportation construction industry before Congress, the White House, federal agencies, courts, news media and the general public.
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SOURCE American Road & Transportation Builders Association
