Source: McKinsey and Company
With more than $2 trillion in federal funding entering the US economy, three steps can help governments meet the needs of communities previously excluded from federal funding implementation decisions.
Since November 2021, Congress has passed three landmark investment bills—the Bipartisan Infrastructure Law (BIL), the Inflation Reduction Act (IRA), and the CHIPS and Science Act (CHIPS)—directing more than $2 trillion in investment to bolster physical infrastructure, promote innovation and economic competitiveness, and shore up the domestic industrial base.
This suite of legislation also aims to redress long-standing inequalities by laying a stronger foundation for sustainable and inclusive growth. Two of these laws in particular—the BIL and the IRA—present a unique opportunity for public leaders to adopt a customer-centric approach to infrastructure strategy to ensure that communities and other stakeholders that historically had little to no say over large-scale projects are included in decision making and empowered to pursue funding opportunities.