US steel associations, in a letter dated June 8, 2021, urged Congress to work with the Biden administration to approve a metals-intensive infrastructure expenditure law that will boost the American economy.
America’s current infrastructure development is nearly stagnant, as outlined in a 2021 American Societies of Civil Engineers’ report, with 42pc of 617,000 bridges over half a century old and 7.2pc rendered structurally unsound. The pace of new construction could result in increased costs and lost time and productivity, trickling down to a per family yearly disposable income loss of over $3,300 through 2039, according to the group.
Associations have suggested that this legislation, coupled with federal support, make core infrastructure investment a priority. A possible solution is to build a new infrastructure rather than fixing the current one. Another legislative suggestion was forming an interagency task force that will recommend reforms to speed up the approvals for this infrastructure.
A 2021 Business Roundtable report noted that for each dollar in new infrastructure investment, $3.82 in economic growth will be created over a 20-year period and would also add approximately $1.50 to the average hourly wage.
Congress is being urged to fast-track the approval as there is already an agreement between Republicans and Democrats.
Neil Bradley, US Commerce executive vice president and chief policy officer, in a release on June 10, 2021, stated that recent infrastructure proposals, a plan by the Problem Solvers Caucus, and ongoing negotiations among bipartisan Senators confirm there are paths leading to the signing of a legislative bill. He encouraged Republicans and Democrats in both the House and Senate to continue those efforts and avoid time-consuming reconciliation procedures.