FY24 Budgets Prioritizes Support for Major Infrastructure & Construction Efforts
The President’s Proposed FY24 budget calls for significant funding of infrastructure and construction efforts. The most substantial investments are within the Department of Transportation (DOT) and Department of Defense (DOD), as well as within Veteran Affairs (VA) and the National Science Foundation (NSF).
The DOT budget provides $76.1 billion for highway safety and transit formula programs. This includes funds for the Federal-Aid Highway program and upgrading the nation’s highways and bridges. DOT continues to focus on strengthening the nation’s transportation system, tackling large infrastructure projects, and expanding the nation’s capacity to move goods quickly. In addition, DOT is concentrating on improvements to the safety and efficiency of the rail network through the expansion of the Consolidated Rail Infrastructure and Safety Improvements program.
Building on prior investments, the DOD FY 2024 budget includes $19.2 billion for facilities sustainment, restoration, and modernization and $16.7 billion in construction and family housing programs and improving critical operational infrastructure. Specific projects include improvements to the facilities that support readiness programs, family housing, construction of quality-of-life and medical facilities, and projects advancing deterrence initiative programs.
The budget also highlights the support of a $5 billion investment to improve critical veteran medical facilities and the construction of state-extended care facilities to deliver high-quality healthcare, benefits, and services for veterans. Additionally, the budget provides $2.4 billion for research infrastructure at NSF to support the construction and procurement of research facilities.