Markets Wired

Thank you all for coming today.

The historic legislation President Biden has passed – the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act – is driving growth in new industries and creating good jobs in places where there hasn’t always been opportunity.  And we’re doing so in partnership with the private sector.

Our approach, which I’ve called modern supply-side economics, centers on spurring long-term growth including by training our workforce.

These investments include those made through the American Rescue Plan, which made funds available for cities and states for support to workers, including to invest in workforce development programs here in Georgia. 

Recipients of Treasury’s State and Local Fiscal Recovery Funds have budgeted over $13 billion for workforce support, including for many projects here in Atlanta.

Private sector partners are also a key part of this vision. The American Rescue Plan also made funds available for small businesses, enabling businesses across the state to access the capital they need and create jobs. 

I know that many of the Georgia businesses here today represent the real estate and construction industries, which have faced challenges in recent years given the high cost of building materials and lack of inventory of residential housing.  

Working to increase housing supply to lower costs is also a top priority for this Administration.  President Biden has put forward a plan that would build or preserve over 2 million housing units and provide mortgage relief for first-time homebuyers.

And state and local governments have budgeted more than $7 billion in State and Local Fiscal Recovery Funds for long-term affordable housing, part of the $19 billion in SLFRF funds for housing uses overall.