The Biden administration and a bipartisan group has reached an agreement on a new infrastructure deal that will invest $17 billion into the ports industry.
Announced on 28 July, the $550 billion Bipartisan Infrastructure Deal “will grow the economy, enhance our competitiveness, create good jobs, and make our economy more sustainable, resilient, and just,” the statement wrote.
The bill invests $17 billion in port infrastructure and $25 billion in airports to address repair and maintenance backlogs, reduce congestion and emissions near ports and airports, and drive electrification and other low-carbon technologies.
“Our ports and waterways need repair and reimagination…Modern, resilient, and sustainable port, airport, and freight infrastructure will support U.S. competitiveness by removing bottlenecks and expediting commerce and reduce the environmental impact on neighbouring communities,” the statement wrote.
Other investments from the bill include broadband internet, electric infrastructure and buses, and investment into passenger and freight rail.
Ports in the US have seen significant backlogs since the beginning of the COVID-19 pandemic, which has caused volatility on the Pacific coast as ports and soaring shipping prices became congested as consumer demand for Chinese goods boomed.
The investment comes following a decision on 12 July to increase cooperation on oversight of the ocean liner shipping industry between The Federal Maritime Commission (FMC) and the Department of Justice (DoJ) Antitrust Division.
“President Biden believes that we must invest in our country and in our people by creating good-paying union jobs, tackling the climate crisis, and growing the economy sustainably and equitably for decades to come,” the statement added.
“The Bipartisan Infrastructure Deal will deliver progress towards those objectives for working families across the country.”