With the Presidential Election hours away, various issues are being mulled over by the American people trying to decide who will be best for their future. When it comes to the construction sector, contractors will need to consider whether President Trump or former Vice President Joe Biden will be best for their industry. Here's a look at areas each candidate has and could affect construction.
Federal Minimum Wage
President Trump recently said he would consider raising the federal minimum wage over $15 per hour. The bipartisan Raise the Wage Act, which would increase the federal minimum wage from $7.25 to $15 by 2025, passed the House but not approved the Senate.
Biden also says he backs the federal minimum wage hike. Biden also says he will hold employers engaging in wage theft and union busting accountable.
Infrastructure Spending
Trump has maintained his goal of rebuilding America's infrastructure. His administration would likely try to pass a comprehensive infrastructure package focused on roads, highways, airports and the smart grid.
Trump is likely to continue backing the oil and gas industries while continuing to rollback environmental regulations.
Biden wants to pump $2 trillion into the country's infrastructure, focusing on transportation and the auto industry with an emphasis on unions. Biden says he also wants to upgrade millions of buildings, weatherize homes, and spend $100 billion to improve schools.
Analysts at Moody's say Biden's proposals to increase federal infrastructure spending would lift demand for construction, telecoms and utilities resulting in increased hiring.
Fracking
President Trump has always been clear about his support for the oil and gas industry and the practice of fracking, while Biden has had conflicting comments about the issue. Biden has said he would phase out oil and gas while turning to clean energy. At other times, he and running mate Kamala Harris have said they do not plan eliminated fracking as a source of energy.
The winner of the 2020 election will face plenty of challenges, including the global pandemic which may or may not be as serious as once thought. Maintaining a healthy economy while fighting a health crisis has been tricky to say the least.
When it comes to the construction industry, the pandemic slowed down shovel-ready projects in the early part of 2020 but has sense come back somewhat. Whether or not Biden will help or hurt that return is a major factor weighing on voters minds, while Trump response to the pandemic concerns others.
