Major Wall Street firms and publicly traded construction companies are eagerly awaiting President Joe Biden’s Build Back Better infrastructure plan, which he said he will detail in his first State of the Union address scheduled for Feb. 23. While the plan is forthcoming, the president pegged it at as much as $2 trillion in the weeks leading up to his inauguration. “While the new administration is just getting started, we expect that bill to support the repair and expansion of existing highway and bridge systems,” said David Constable, Fluor’s CEO, during the company’s strategy day presentation last week. “Fluor is well positioned to take part in this U.S. stimulus initiative.” But the possibility of that happening can’t come soon enough. Construction trade groups have noted that the industry is likely to suffer from weakening demand unless Congress and the Biden administration enact new recovery measures, including backfilling local construction budgets and passing new infrastructure funding.
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