The Senate passed a $1.2 trillion infrastructure spending bill with bipartisan support, the largest infrastructure package ever passed by any part of Congress. The bill now heads to the House where a vote is not expected until October. The infrastructure bill reauthorizes spending on existing federal transportation programs and adds an additional $550 billion into making the electrical grid resilient, supporting nuclear power generation, expanding broadband access, and other modernization objectives.
Key Additional Spending Programs 1 :
Infrastructure Bill Passes the Senate – Largest Ever
Critical for the bipartisan agreement were no new taxes to pay for this package. Instead, the plan includes repurposing existing COVID-19 funds, changing the fees on reporting requirements for cryptocurrency, delaying Medicare rebates, and funds from auctions of the wireless spectrum.
Implications for Global Listed Infrastructure Market – Reinforces Secular Growth Themes
Listed infrastructure companies do not rely on government spending for investment in their infrastructure assets. As a result, the spending bill has little immediate impact on the outlook for their cash flows. Importantly, however, government policy and support for initiatives like decarbonization , asset modernization, and digital transformation , highlight the megatrend growth themes of the asset class. We believe that the potential passing of the legislation by the House is a tailwind for the listed infrastructure companies.
Over the next two decades, we see indications for up to potentially $100tn in capital spending globally across infrastructure sectors, which should potentially drive robust cash flow, dividends, and total returns for investors.
1. Source: Bipartisan Infrastructure Investment and Jobs Act, as of 8/2/2021
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