DAVY VIEW

The US House of Representatives (HOR) last night passed a $1.5tn Infrastructure Bill, which includes a five-year, $494bn highway package to replace the FAST Act. The bill was expected to pass the House but is not likely to pass the Republican-controlled Senate. While the bill has largely been discounted as a non-runner, it is likely to spur further debate in the coming weeks on new stimulus and infrastructure spending. Already the President has responded by threatening to veto the bill but replace it with far larger stimulus measures. This week, we hosted a call with American Road and Transportation Builders Association (ARTBA) looking at exactly these issues (US infrastructure outlook - state budgets and the highway bill). CRH is ideally placed to benefit from any potential legislation given its large exposure to these end-markets in the US.