What the American Rescue Plan Means for NJ Construction Market
The $1.9 trillion American Rescue Plan Act of 2021 was recently passed by Congress and signed into law by President Biden. A great deal of focus has been on the $1400 checks for qualifying taxpayers, but not as much on funding that can eventually be used for utility infrastructure. The New Jersey construction market will benefit from a portion of allocations in these categories:
$219.8 billion to state governments in general recovery funds that can be used for construction
$120.2 billion to local governments in general recovery funds that can be used for construction
$10 billion to states from the Coronavirus Capital Projects Fund with NJ receiving at least $100M
$125.8 billion to schools for facility repairs and improvements which may include construction
$30.5 billion for Federal Transit Administration grants, some of which may end up in New Jersey
We will continue to monitor the money as it comes into the state and certainly keep ay eye on how it's spent to ensure the maximum focus on utility projects. NUCA NJ has also been very clear that this funding should be viewed as a shot in the arm, over and above what must be spent in the upcoming major infrastructure bill, and should not diminish those anticipated levels of funding. We also thank our Congressional delegation for once again supporting this initiative.