The IIJA is doing wonders for the future of the rail industry with funding for new projects across the USA. The landmark legislation that was signed in November of last year creates an astounding funding source for transportation and the shipping industry, with rail receiving a huge bump in funding.
The IIJA is going to include $66 billion for railways and improvements for improving the grade of railway safety as well. Additional funding will be allocated to make railways more efficient and environmentally friendly as well. The funding in the USA is a boon for passenger rail like Amtrak as well as the US goods transport market.
The IIJA is giving the rail industry an incredible leg up when it comes to competing with the trucking and shipping market, which are seen as more expensive. US railways can transport goods across the country with less cost in terms of time, fuel used and emissions created in comparison to their competitors. The new funding that will be available for infrastructure projects will help railways compete better on those terms and make them a more attractive option for shipping.
The IIJA is the first time since 2009 that an infrastructure bill has been passed and it’s going to give the rail industry some serious boosts in the coming years, especially as freight traffic continues to grow on railways all across America. And given how difficult it is for the industry to secure funding on their own, this piece of legislation has done wonders for them.
The IIJA also includes $39 billion for public transit projects and an average of $5.55 billion per year for discretionary infrastructure grant programs. With all that money on the table, US railways are going to see some massive changes. Check back for more information on how the industry is changing and watch out for all the new jobs coming in throughout the rail transportation industry.
For nearly half a century, Swartz Engineering has been at the forefront of industry safety. They are a family-owned company specializing in power distribution for the electrical industry. They are the leading manufacturer of mobile substation.