On Friday, December 4th, President Obama signed a five-year, $305 billion highway bill funding national road work and transit development, in a sweeping move to improve the aging national infrastructure. The budget specifies approximately $205 billion for highway work, and $48 billion for transit projects over the next five years, with the remaining $50 billion for other projects. This is the first long-term national transportation spending package in a decade.
Obama’s signature signals excellent news for the construction industry. Formally titled Fixing America’s Surface Transportation Act, or FAST Act, this funding package will stimulate a boom in national development and construction, providing ample opportunities for construction companies to bid for new work. As infrastructure improves, new commercial and residential projects will sprout up, increasing the business opportunities for developers.
Keep an eye out for new projects over the next few years. New, sweeping transportation legislation is few and far between, so it is important to take advantage of the opportunities while they last.