The infrastructure program on which the coming years’ economic growth in the United States will partly be based has been approved. The US Congress over the weekend approved a $1.2 trillion infrastructure plan that could benefit many Spanish companies, and that would include an additional $550,000 million for massive investments in roads, bridges and inland waterways.
This plan would mean doubling the basic annual expenditure in the country in infrastructure and it can be estimated that they will allow accelerated growth expectations as per various sources to +GDP in 2022 to +4.3% and by 2025 + 2.5% plus. The plan is pending President Biden’s signature.
The package includes USD 110,000 million for roads, bridges and other large projects, USD 66,000 million for rail transport, EUR 39,000 million for public transport, USD 65,000 million for broadband, USD 55,000 million for water systems, This includes USD 7,500 million or 25,000 for electric vehicles. MLN USD for airport improvements.
Now pending approval of the $1.85 trillion environmental plan and social programs (Build Back Better), which will be the second pillar on which the economic cycle is based. To finance part of the scheme, tax hikes, minimum and/or increase in marginal taxes on higher incomes have been considered.
Spanish regions and companies that can benefit: Construction companies (Ferrovial, ACS, OHL, Aciona), renewables (Iberdrola, Naturgi, Aciona Energia, Siemens Gamesa …) and steel companies (Acerinox, ArcelorMittal) mainly. Although we will have to wait to know the projects provided in each case, their position is an excellent one.
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