By Kent Hoover for Phoenix Business Journal
Business groups are celebrating a rare bipartisan victory in Congress: passage of a $305B bill that funds highway projects for the next five years.
The Fixing America’s Surface Transportation Act passed both the House and Senate by wide margins Dec. 3 and will be signed into law by President Barack Obama.
The highway and transit funding is important to businesses because it promises to ease the movement of workers and goods around the country. Plus, construction companies and their suppliers will gets lots of business out of the projects that will be funded by the bill — Associated Equipment Distributors estimates the bill will produce $13B in equipment sales, rental and maintenance spending alone.
The U.S. Travel Association said the bill is good for the travel industry since eight out of every 10 trips in America are made by car, bus or other road transportation. Plus, the bill creates a national commission on travel infrastructure. Travel leaders aren’t thrilled, however, by the fact the bill raised customs fees to help pay for highway spending.
Read more at Phoenix Business Journal