Everyone’s talking about the Infrastructure Investment and Jobs Act which was recently signed into law, but where is all that money going, and more importantly, how do we manage the funds properly?
How much funding will you receive?
First, let’s start with where the money is being distributed:
- $110 billion for roads and bridges. In addition to construction and repair, the funding also helps pay for transportation research at universities, funding for Puerto Rico’s highways, and “congestion relief” in American cities.
- $66 billion for railroads. Funding includes upgrades and maintenance of America’s passenger rail system and freight rail safety, but nothing for high-speed rail.
- $65 billion for the power grid. The bill would fund updates to power lines and cables, as well as provide money to prevent hacking of the power grid. Clean energy funding is also included.
- $65 billion for broadband. Includes funding to expand broadband in rural areas and in low-income communities. Approximately $14 billion of the total would help reduce Internet bills for low-income citizens.
- $55 billion for water infrastructure. This funding includes $15 billion for lead pipe replacement, $10 billion for chemical cleanup, and money to provide clean drinking water in tribal communities.
- $50+ billion for cybersecurity and climate change. This resilience funding will protect infrastructure from cybersecurity attacks and address flooding, wildfires, coastal erosion, and droughts along with other extreme weather events.
- $39 billion for public transit. Funding here provides for upgrades to public transit systems nationwide. The allocation also includes money to create new bus routes and help make public transit more accessible to seniors and disabled Americans.
- $25 billion for airports. This allocation provides funding for major upgrades and expansions at U.S. airports. Air traffic control towers and systems would receive $5 billion of the total for upgrades.
- $21 billion for the environment. These monies would be used to clean up superfund and brownfield sites, abandoned mines, and old oil and gas wells.
- $17 billion for ports. Half of the funds in this category would go to the Army Corps of Engineers for port infrastructure. Additional funds would go to the Coast Guard, ferry terminals, and reduction of truck emissions at ports.
- $11 billion for safety. Appropriations here are to address highway, pedestrian, pipeline, and other safety areas with highway safety getting the bulk of the funding.
- $8 billion for western water infrastructure. Ongoing drought conditions in the western half of the country will be addressed through investments in water treatment, storage, and reuse facilities.
- $7.5 bill for electric vehicle charging stations. The Biden administration asked for this funding to build significantly more charging stations for electric vehicles across the nation.
- $7.5 billion for electric school buses. With an emphasis on bus fleet replacement in low-income, rural, and tribal communities, this funding is expected to allow those communities to convert to zero-emission buses.
[SOURCE: Investopedia and U.S. Senate. “H. R. 3684 – Infrastructure Investment and Jobs Act.”]
How will you manage and report on infrastructure projects?
Now, let’s talk about the best way to stay on top of these funds:
The $550 billion investment in the US Infrastructure will generate more projects than ever, and projects that have been on the backburner may finally get the green light. But if you aren’t properly prepared to take on the extra workload (and extra coordination) that comes along with it, you may find yourself in over your head.
With all of this rapid growth – in an industry that is famously known for being behind trend when it comes to technology – managing construction programs with spreadsheets and emails doesn’t cut it anymore. Going digital and using a solid construction project management software will allow you to:
- Manage projects from concept to closeout
- Track funds from multiple sources
- Forecast cash flow
- Have complete project and program visibility
- Stay on top of important project milestones
In today’s world, construction project management software is the most important tool to have when ensuring your infrastructure projects finish on time and on budget.
Are you prepared for what's heading your way?
The perfect time to get set up with your construction project management software is now. Making a decision on which software provider to go with can be an arduous task; with 84% of people saying that their buying cycle was longer than expected. Once you add in the typical industry implementation timeline, it’s important you start taking the first steps in the process today.
Starting your search now ensures that you won’t skip a beat once the new infrastructure funds hit your budget.
And if you want to be set up for project management success faster, Projectmates can have you up and running in just 8-12 weeks, instead of the typical industry timeline of 8-12 months.
