T.R.U.S.T.
Mar 3, 20221 min
Water & Wastes Digest
BY CRISTINA TUSER
MARCH 3, 2022
Elevated costs for materials and labor are resulting in contractors charging more for construction projects, according to government data
Runaway inflation may impact the $1.2 trillion Infrastructure Investment & Jobs Act.
The infrastructure law provides only $550 billion in new spending, reported The New York Post. Of the $550 billion in new spending, $55 billion is allocated to drinking water, wastewater, and storm water infrastructure funding.
For instance, there is a current 7.5% inflation rate in the roads and bridges industry, which is the highest in 40 years. According to The Wall Street Journal reported, construction inflation overall is up 13% from 2021.
In President Biden's State of the Union address, he pointed out the growing cost of living and his plan to tackle inflation, citing plans to cut energy costs and more, reported CNN. As of January, inflation for used and new vehicles made up nearly a third of overall price increases, added Biden.
"But with all the bright spots in our economy, record job growth and higher wages, too many families are struggling to keep up with the bills," said Biden in the address, reported CNN. "Inflation is robbing them of the gains they thought otherwise would be able to feel. I get it. That’s why my top priority is getting prices under control."
VIew the full article: WWDMag.com