- 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.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.