Two new bills signed into law in August will positively impact construction industry projects.
The Inflation Reduction Act of 2022 includes:
- $3 billion in funding to improve arterial roadways and make them safer for different modes of transportation.
- $2 billion in grants for the use of low-carbon materials for Federal Highway Administration projects.
- $5 billion to aid the construction industry’s shift toward low-carbon building materials in public infrastructure projects and some government buildings.
- $30 billion tagged for expenditures through the energy production tax credit, which likely will spur new construction projects.
The CHIPS and Science Act provides $52.7 billion for American semiconductor research, development, manufacturing, and workforce development, including 25% tax credits to companies that build semiconductor facilities on United States soil.
According to ConstructionDive.com, at least 5 major projects are poised to benefit from the CHIPS Act via subsidies and tax credits:
- Samsung’s 11 chip plants worth $191 billion in Texas
- Intel’s $20 billion facility in Licking County, Ohio.
- GlobalFoundries chip factory in Malta, New York.
- Micron Technology manufacturing expansion in Boise, Idaho.
- Taiwan Semiconductor Manufacturing Company’s $12 billion computer chip factory in Arizona.
Dodge Data & Analytics chief economist Richard Branch, said the CHIPS Act will “keep the construction sector on sure footing as the economy slows over the next year.”