Machinery, E&C and Waste: Infrastructure: First Look at the House T&I Committee Reauthorization Bill

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Machinery, E&C and Waste: Infrastructure: First Look at the House T&I Committee Reauthorization Bill

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Machinery, E&C and Waste

Infrastructure: First Look at the House T&I

Committee Reauthorization Bill

Industry Overview

House T&I unveils infrastructure reauthorization proposal 19 May 2026

The House T&I Committee released a 5-year surface transportation bill on May 17th Equity

titled the BUILD America 250 Act. Our preliminary view is rather mixed: encouraging to Americas

see 5 year visibility step up from record levels & more formula funding (vs discretionary Machinery, E&C and Waste

grants) yet the step up & escalators are underwhelming vs bigger growth expectations Michael Feniger

(particularly on highways vs bridges). According to ARTBA, the bill authorizes $580bn in Research Analyst

total funding for highway, transit, and safety programs through Sept 30th, 2031. In our BofAS+1 646 855 1923

view, the headline $580bn figure includes ~$360-385bn of Federal-aid highway funding michael.feniger@bofa.com

(i.e., the portion that matters most to investors and construction companies, in our Sherif El-Sabbahy

Research Analyst

view), with the remaining allocated to transit, safety, and other transportation programs. BofAS

sherif.el-sabbahy@bofa.com

Details on annual spending levels under BUILD 250 Nandita Nayar

On a comparable basis, FY26 funding (i.e., ~$72.1bn) implies only a modest increase to BofAS

~$72.27bn in FY27. Beyond this transition year, funding rises steadily to $73.05bn in nandita.nayar@bofa.com

FY28, $74.38bn in FY29, $75.66bn in FY30, and $76.99bn in FY31, implying consistent Matthew Palay

~$1-1.3bn annual increases (~1-2% YoY) and effectively extending IIJA’s trajectory on a BofAS

higher base rather than accelerating growth (see: Exhibit 1).