Wednesday marks the second anniversary of the signing of President Joe Biden’s infrastructure regulation, a key piece of the president’s financial agenda and probably the most important funding in America’s infrastructure in generations.
Since its signing, $400 billion has been funneled into over 40,000 particular infrastructure initiatives throughout over 4,500 communities in all 50 states, in addition to in Washington DC, within the US territories, and in tribal lands.
This funding has upgraded highways, invested in transit programs, improved water programs, funded lead pipe substitute, expanded entry to high-speed web, and extra. New initiatives are breaking floor every day, and the investments have helped gasoline a building and manufacturing growth that’s contributed to the tens of millions of recent jobs created over the previous two years.
US Treasury Secretary Janet Yellen mentioned that for the reason that infrastructure invoice was signed two years in the past, the nation has seen the most important enhance in state and native capital funding as a share of its gross home product since 1979. She lauded the Biden administration’s investments in a press release shared with the general public on Wednesday.
“These investments are boosting our nation’s financial power and resilience for the lengthy haul,” she mentioned. “They usually’re additionally broadening financial alternative for folks and locations which have traditionally been left behind.”
US Vitality Secretary Jennifer Granholm mentioned in a press release that with the signing of the infrastructure invoice, President Biden ensured {that a} “affluent, clear power financial system that invests within the American folks” is feasible.
“I’m so pleased with the progress the DOE has made during the last two years to implement this historic laws pretty and equitably, underscoring this administration’s dedication to reversing the legacy of inequity and underinvestment woven into our nation’s previous infrastructure initiatives,” she mentioned.
In Virginia, $8.4 billion in funding has been introduced, with over 247 particular infrastructure initiatives recognized for funding, in response to the White Home.
Of that quantity, roughly $5.8 billion has been introduced for upgrades to roads, bridges, public transit, ports, and airports. One other $290 million has been introduced for clear water and water infrastructure.
Moreover, the state has acquired $1.5 billion to attach residents to dependable high-speed web. As of Oct. 2023, greater than 429,000 Virginia households are already saving on their month-to-month web invoice because of the regulation’s Inexpensive Connectivity Program, which lowers the price of low-income prospects’ month-to-month payments.
The Division of Transportation (DOT) has awarded $100 million to the Virginia Passenger Rail Authority; these funds might be used to enhance rail infrastructure and security within the state. The DOT has additionally awarded Washington Dulles Worldwide Airport a complete of $69.6 million to assemble a brand new, 14-gate concourse.
“It’s been two years for the reason that Bipartisan Infrastructure Regulation was signed into regulation,” Virginia Senator Tim Kaine said on Twitter. “All throughout our Commonwealth, Virginians are already reaping the advantages—whether or not it’s new infrastructure initiatives popping up or the good-paying jobs coming with them.”
