Over the next ten years, nearly $2 trillion dollars in federal funding for infrastructure upgrades, clean energy, domestic semiconductor manufacturing, and science and technology innovation will flow into the US economy. Driven by three pieces of legislation—the Bipartisan Infrastructure Law (BIL), the Inflation Reduction Act (IRA), and the Creating Helpful Incentives to Produce Semiconductors and Science Act (CHIPS)—this funding aims to lower carbon emissions substantially and boost US economic competitiveness, innovation, and productivity.
To maximize the impact of this generational investment, leaders across the public and private sectors will need to work together to reinvest in America.
BIL investments aim to lay the foundations for inclusive, sustainable prosperity by refurbishing aging roads, bridges, railways, and ports. They also seek to expand internet access to unserved and underserved communities, enhance water quality by replacing lead pipes, upgrade the nation’s power grid, build a nationwide electric vehicle-charging infrastructure, and more.
CHIPS funding is geared toward powering the engines of innovation and global competitiveness through the construction of new microprocessor manufacturing and R&D facilities, expanding the nation’s science and technology base, boosting participation in STEM education and creating a broader, more inclusive high-tech workforce.
More than $100 billion in federal funding is being deployed to bring broadband to every American household as part of the largest public investment to connect Americans since the creation of the Interstate Highway System.
McKinsey’s Global Infrastructure Initiative (GII) is a community of the world’s most senior leaders in infrastructure and capital projects, committed to identifying tangible ways to improve the delivery of essential infrastructure.