The construction industry is on the verge of a jobs boom that is set to transform the American economy, thanks to $2 trillion in investments signed into law over the past two years.
The Infrastructure Investment and Jobs Act, the Inflation Reduction Act, and the CHIPS and Science Act all have the potential to create millions of good jobs that will repair our crumbling infrastructure, bolster green energy production, and incentivize domestic manufacturing.
There are three prime areas in which construction employment will thrive:
- Infrastructure
- Green Energy
- Manufacturing
Build Higher and Farther
The first area in which the construction industry is set to experience significant growth is the repair of our nation’s crumbling infrastructure. Decades of neglect and underinvestment have left our roads, bridges, and other critical infrastructure in dire need of repair.
According to a report by the American Society of Civil Engineers, the United States needs to invest $2.6 trillion in its infrastructure by 2029 to address the country’s aging roads, bridges, airports, and other critical infrastructure. The recent investments in infrastructure, including the Infrastructure Investment and Jobs Act, represent a significant step towards meeting this goal and creating millions of good jobs in the construction industry.
The Infrastructure Investment and Jobs Act, which was signed into law in November 2021, includes $550 billion in new spending for infrastructure projects. This funding will be used to repair and upgrade our roads, bridges, airports, and public transit systems, creating thousands of new construction jobs in the process.
Investing in the Planet
The second area in which the construction industry will experience significant growth is in the production of green energy. The United States has committed to achieving net-zero greenhouse gas emissions by 2050, and to do so, we must transition away from fossil fuels and towards renewable energy sources.
The Inflation Reduction Act, which was signed into law in December 2021, includes significant funding for the development and construction of renewable energy infrastructure. This funding will be used to build wind turbines, solar panels, and other green energy infrastructure, creating thousands of new construction jobs in the process.
If You Build It
Finally, the construction industry will also benefit from increased investment in domestic manufacturing. The CHIPS and Science Act, which was signed into law in March 2022, includes significant funding for the development and production of advanced semiconductors, which are critical components in a wide range of electronic devices. This funding will be used to build new semiconductor manufacturing facilities, creating thousands of new construction jobs as a result.
Final Thoughts
The construction industry is on the verge of a jobs boom that will transform the American economy. The Infrastructure Investment and Jobs Act, the Inflation Reduction Act, and the CHIPS and Science Act have the potential to create millions of good jobs that will repair our crumbling infrastructure, bolster green energy production, and incentivize domestic manufacturing. As we continue to invest in these critical areas, we can create a more sustainable and prosperous future for all Americans.
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