Many major construction projects were shelved amid the COVID-19 pandemic. While supply chain bottlenecks concerning several basic materials continue to hinder productivity, with the gradual resumption of several construction projects over the past few months, demand for basic materials is increasing. Because of this, the Biden Administration has made it easier for smaller cities and counties to apply for funding under the $1 trillion infrastructure bill passed last fall to speed up productivity.
The White House has already released $110 billion in infrastructure funding to date, and this is expected to boost the domestic basic materials industry. Furthermore, the Biden Administration has declared that basic materials required for all construction work must now be produced domestically. According to Market Study, the global construction industry is projected to grow at a CAGR of more than 7.4% from 2022 to 2028. This brightens the prospects of the basic materials industry.
