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 :

  • $110bn for roads and bridges
  • $66bn for passenger rail (Amtrak)
  • $39bn for public transit (buses, subways)
  • $65bn for expanding broadband access to low-income households
  • $65bn for improving the electrical grid (transmission to enable more renewables)
  • $50bn to make energy infrastructure resilient to both cyberattacks and natural disasters
  • $15bn to replace lead water pipes
  • $7.5bn allocated to EV charging stations (500,000 planned)


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.



  • Power infrastructure is broadly supported with $73bn to modernize the generation and delivery of clean electricity
  • Electrification of the transport sector with the support of a nationwide electric vehicle- charging network
  • Key investment sector that may potentially benefit : Electric Utilities


Asset Modernization:

  • Water-infrastructure and power-grid, directed spending for resilience and safety
  • Key investment sectors that may potentially benefit : Electric and Water Utilities


Digital Transformation:

  • Target of 100% high-speed broadband coverage across the U.S., increasing data penetration
  • Key investment sector that may potentially benefit: Communications


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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