IIJA by the Numbers: Remaining Funds and What that Means for P3s

Signed into law in November of 2021, the Infrastructure Investment and Jobs Act (IIJA) provided hundreds of billions of dollars in federal spending on transportation, energy, broadband internet, and other infrastructure across the U.S. The legislation is set to expire in 2026, meaning we are now more than halfway through its effective period.  

In addition to the historic levels of funding, the IIJA also holds potential to facilitate the expansion of public-private partnerships (P3s) within the U.S. For firms interested in forming a P3 to compete for funding under the IIJA, here are some key figures to keep in mind: 

(Data as of November 2023)

Key Takeaways for Firms Interested in Exploring a P3: 

As of the end of 2023, about half of the allocated $647 billion in direct or formula funding allocated by the IIJA has been spent. 

A significantly smaller proportion of competitive funding has been allocated to date, indicating that competition for the remaining funding could heat up in the latter half of the IIJA’s lifespan. 

Be aware of how much funding remains within your sector. The largest pool of money remaining is in transportation ($346.8b), which also received the largest allocation out of all sectors under the IIJA.