President's American Jobs Act Includes Big Construction Plans

In last night's speech to a joint session of Congress, President Obama told the legislators to "stop the political circus and actually do something to help the economy" by quickly approving his proposed $447 billion package of measures so he can sign it into law.

Called the American Jobs Act, the president's plan includes a wide-ranging number of spending and tax-cut programs, as well as unemployment-insurance reform and regulatory reform. Obama says all of them can be paid for, and all of them have been either proposed by or met with bipartisan approval in the past.

For the construction industry, the American Jobs Act includes:

  • $30 billion to modernize at least 35,000 public schools across the country
  • $50 billion in immediate investments in highways, transit, rail and aviation
  • Seeding a national infrastructure with $10 billion 
  • A $15 billion "Project Rebuild" backed by public-private collaborations to rehab homes and businesses

More on the American Jobs Act: