Two new bills signed into law in August will positively impact construction industry projects.
The Inflation Reduction Act of 2022 includes:
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:
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.”