The recently approved highway bill that was passed by lawmakers will create $13 billion in economic activity related to construction equipment and generate 4,000 jobs at equipment dealerships, according to a new study released by the Associated Equipment Distributors (AED).
The Oak Brook, Ill.-based group said Wednesday the new $305 billion highway bill will stimulate approximately 6.4 cents in growth the equipment industry for every dollar that is spending on infrastructure.
“The new analysis clearly illustrates what AED told lawmakers for almost a decade: restoring certainty to the federal highway program will yield positive economic benefits for equipment distributors, manufacturers and their employees,” AED President Brian McGuire said in a statement.
“Equipment distributors were decimated during the recession and recovery has been slow due to volatility surrounding federal infrastructure programs,” McGuire continued. “The FAST Act will revive the industry, create jobs, and lay the groundwork for solid economic growth.”
The 1,300-page bill, paid for with gas tax revenue and a package of $70 billion in offsets from other areas of the federal budget, is the first multi-year highway funding measure approved by lawmakers in a decade.
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