President Biden recently signed into law the five-year $1 trillion Infrastructure Investment Jobs Act (IIJA). What makes the IIJA truly groundbreaking is its overarching, interconnected theme about what constitutes infrastructure.
For the first time in a generation, there is now a broad menu of infrastructure under the same legislative roof. And with that comes a recognition that roads, carbon reduction, rail, wildlife crossings, transit, electric vehicle charging infrastructure, broadband, reconnecting communities, supply chains for clean energy, airports and all categories under the IIJA are each and together infrastructure—an interconnected ecosystem.
This brief paper unpacks the bill and how it has set in motion an unprecedented journey for infrastructure investment. Public agencies and the infrastructure industry will find both opportunities and challenges ahead, such as managing the risks of construction capacity constraints and adjusting how organizations think about infrastructure.