President-Elect Joe Biden’s extensive infrastructure plan, known as the Build Back Better program, could help the construction sector stave off job losses and stimulate growth in the chemical industry. According to ICIS, the plan aims to create millions of jobs and rebuild infrastructure including roads, bridges, rail networks, invest in 5G technologies and water systems to withstand the impact of climate change. He also aims to provide cities with populations of 100,000 or more with resources to build robust transit systems by 2030.
A Biden infrastructure plan could look similar to a U.S. House of Representatives $1.5 trillion infrastructure bill passed in July, said Jimmy Christianson, vice president of Government Relations of the trade group Associated General Contractors of America (AGC).
Broken down, Biden proposes spending $900 billion on transportation, $700 billion on “Made in America,” $490 billion on clean energy, and $300 billion on other infrastructure. Biden plans to help pay for his plans, in part, by reversing some of Trump’s tax cuts for corporations and for individuals making more than $400,000 per year. He is also counting on the creation of millions of new jobs and achieving full employment to increase tax revenue, according to Investopedia.
