Where did that stimulus money you heard about go to? The Department of Transportation (DOT) is beginning to rev up spending for projects that could be to the benefit of both the country and transportation related exchange traded fund (ETF).
Out of the $48 billion provided by the February stimulus measure, approved funding for DOT projects are estimated to cost $26.6 billion for this year and the next, reports John D. Boyd for The Journal of Commerce.
The DOT has been disbursing about a quarter-billion dollars or more each week during the peak summer construction season for road, bridge, rail inland port and airport repair projects. There is also another $8 billion grant to develop intercity passenger train services and high-speed rail corridors.
Critics don’t believe the money is being dished out fast enough, but Transportation Secretary Ray LaHood stated that states are only beginning to increase infrastructure repairs.
LaHood has $1.5 billion in discretionary funds in his pocket to be given out for projects not specified under DOT money in the Recovery Act.
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Max Chen contributed to this article.
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