It’s that time of year again. Here at IMPLAN, we mark the holiday season with our annual data release. That means 2020 data has arrived in the IMPLAN application!
The U.S. Economic Development Administration (EDA) is a bureau within the U.S. Department of Commerce, and the only federal agency focused exclusively on facilitating job growth and building resilient regional economies across the United States. The EDA offers a variety of funding opportunities for economic development projects. In the wake of the coronavirus pandemic, the EDA was allocated $3 billion in supplemental funding under the American Rescue Plan, allowing them to offer even larger and more transformational investments across the country.
In early August 2021, the Infrastructure Investment and Jobs Act passed in the Senate. By the end of the month, the House of Representatives agreed on a September 27 deadline for voting on the bill, and given its bipartisan support, it is expected to pass there as well. This new bill focuses on investments in roads, railways, bridges, and broadband internet. It proposes $550 billion in new spending from 2022 to 2027, with the aim to improve sustainable transportation options, expand access to high-speed internet and clean drinking water, and upgrade our power infrastructure to facilitate the expansion of renewable energy.
These are exciting goals, backed by a lot of money. But what exactly will the economic impact of these investments look like? The ripple effect of this large amount of government spending can be expected to make a difference across the country, not just in the industries where it is initially spent, but also far beyond. We can get a clearer picture of the infrastructure bill’s impact on the economy through Input-Output Analysis performed by economists at IMPLAN Group, LLC, the leading provider of economic impact data and technology.