Bipartisan Water Infrastructure Legislation Could Pour $6B Into Equipment Industry
The Sustainable Water Infrastructure Investment Act (H.R. 4237/S. 2345) will spur economic growth and job creation in the construction equipment industry by generating as much as $6B in demand and supporting nearly 1,000 employees over the next decade, said AED Chairman Tim Watters during a press conference today.
Watters, president of Hoffman Equipment, headquartered in Piscataway, N.J., joined Rep. Bill Pascrell and Sen. Robert Menendez in Cliffside Park, N.J., to support the legislation. The bill, which would attract $5B annually in private capital for water infrastructure investment, lifts the state volume cap on private activity bonds for such projects.
Bolstering the nation’s water infrastructure today will help ensure the long-term health of the economy and provide stable and dependable employment for thousands of Americans. These opportunities are spread across the economy with more than half in sectors other than construction, demonstrating the broad reach of this type of public-private venture.
Water infrastructure investment is a win-win for everyone, including the government. According to an AED-commissioned study by researchers at the College of William & Mary's Thomas Jefferson Program in Public Alexandria, Va. - Policy, investing $1 in sewer systems and water infrastructure generates $2.03 in tax receipts (including $1.35 for the federal government) over 20 years.
“The time is long overdue for substantial investment in water infrastructure projects,” said Watters. “The Sustainable Water Infrastructure Investment Act will create jobs, protect the environment, and grow the economy nationwide while improving the quality of life for New Jersey’s residents and all Americans. The men and women of the construction equipment industry commend Rep. Pascrell and Sen. Menendez and urge immediate congressional action to enact this bipartisan legislation.”
AED is an international trade association representing companies involved in the distribution, rental, and support of equipment used in construction, mining, energy, forestry, power generation, agriculture, and industrial applications. For more information, visit www.aednet.org.