Biden Unveils $2.5T Economic Plan

WASHINGTON (March 31, 2021) — President Biden detailed his next legislative push Wednesday — an economic stimulus with a focus on infrastructure and creating jobs. The plan would spend $2.5 trillion over an 8-year period, paid for by a corporate tax increase to 28%, up from the current rate of 21%. According to the White House, the plan would be funded by the tax hike in 15 years. The most relevant spending for the construction industry is the expected $621 billion into transportation infrastructure including bridges, roads, public transit, ports, airports and development of an infrastructure for electric vehicles across the nation. Additionally, $300 billion is expected to be spend on building and retrofitting affordable housing and schools.

The proposal would also include: Direct $400 billion to care for elderly and disabled Americans, more than $300 billion into improving drinking-water infrastructure, expanding broadband access and upgrading electric grids and investing $580 billion in American manufacturing, research and development and job training efforts. Read the White House fact sheet here.