Analyst Note| Kristoffer Inton |
On March 31, President Joe Biden’s administration released the initial details of its infrastructure plan, proposing $2 trillion in total spending over eight years. Of this, $621 billion would be directed toward transportation infrastructure, averaging nearly $80 billion per year in spending compared with roughly $60 billion per year from the FAST Act passed in 2015. Current highway funding is set to expire in September, giving Congress and the White House half a year to reach a deal. We continue to expect an agreement will be reached, driving increased infrastructure activity and higher volume for heavy building materials.