US Approves $2.9B In Grant For Infra Projects - Global X Funds Global X U.S. Infrastructure Development ETF (BATS:PAVE), Invesco Water Resources ETF (NASDAQ:PHO), SPDR S&P Kensho Intelligent Structures ETF (ARCA:SIMS), SPDR S&P 500 (ARCA:SPY)

Transportation Secretary Pete Buttigieg has offered $2.9 billion in grants for state and local bridge, road, and other infrastructure projects, CNBC reports.
The grant, part of the bipartisan $1 trillion infrastructure bill approved by President Joe Biden, aimed to fund public works projects.
State, regional and local governments will be able to compete for the grant funding through three separate programs.
The Transportation Department will award 50% of funding to projects worth over $100 million and share $1 billion in funds over the first year under the National Infrastructure Project Assistance program.
The second program called the Infrastructure for Rebuilding America, which caters to the smaller highway, freight, and rail construction projects has been allocated $8 billion by the Biden administration.
The remaining funding will fund the Rural Surface Transportation Grant Program, with funds exclusively available for rural communities. The program offered ~$300 million in grants through that project in 2022.