- President Biden’s $2 trillion American Jobs Plan includes nearly $400 billion for homes and schools.
- The administration aims to build and retrofit more than 1 million affordable homes.
- Federal buildings and Veterans Affairs’ hospitals will also receive renovations under the plan.
- See more stories on Insider’s business page.
President Joe Biden’s next spending push is bigger than his first, and the housing and education sectors are poised to benefit massively.
The president is set to roll out his $2 trillion American Jobs Plan on Wednesday as a key follow-up to the $1.9 trillion fiscal stimulus passed earlier in March. The package includes funds for traditional infrastructure projects and interprets infrastructure to also mean spending on elderly care, clean-energy projects, and nationwide broadband.
“It has never been more important for us to invest in strengthening our infrastructure and competitiveness, and in creating the good-paying, union jobs of the future,” the White House said in a statement.
Of the trillions set aside in the proposal, more than $300 billion is allocated to building, preserving, and revamping homes, schools, and federal buildings across the country. The shortage of affordable housing creates a huge opportunity for new jobs, the administration said. Similarly, the “D+” rating given to US school infrastructure by the American Society of Civil Engineers details another area of the economy in dire need of repair, they added.
Here’s how the Biden administration plans to update the country’s housing market, education system, and federal facilities:
Building and upgrading US homes
The White House allocated $213 billion to:
- Build, preserve, and retrofit more than 1 million affordable, accessible, and energy-efficient homes;
- Build and rehabilitate 500,000 homes for low- and middle-income homebuyers;
- Eliminate exclusionary zoning and harmful land use policies;
- Address longstanding capital needs for public housing;
- Assign unionized builders to upgrade homes and businesses.
Bringing schools up to date
Biden will spend $137 billion to:
- Upgrade existing public schools and build new campuses;
- Update community college infrastructure;
- Improve child care facilities and build new programs in high-demand areas.
Upgrade federal hospitals and buildings
The administration will invest $28 billion in:
- Modernize Veterans Affairs clinics and hospitals;
- Overhaul federal buildings to be more sustainable and resilient.
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