- Biden's infrastructure plan will call for a $400 billion investment in America's workforce and manufacturing.
- The package, the first of two, will include funding for innovation and small business hubs.
- It will also invest in job creation efforts, with job training programs targeted to underserved communities.
- See more stories on Insider's business page.
Small businesses and American manufacturers have suffered financial hits during the pandemic, and on top of the aid in President Joe Biden's stimulus bill, the $2 trillion infrastructure plan the president will unveil on Wednesday includes investments in American businesses and workforces.
To continue Biden's $400 billion investment in January to buy Americans goods, the president's infrastructure plan will dedicate funding to strengthen and protect American businesses.
According to a White House fact sheet released on Wednesday, the US manufacturing sector accounts for 70% of business research and development expenditure, 30% of productivity growth, and 60% of exports, and it is "a critical node that helps convert research and innovation into sustained economic growth."
"It has never been more important for us to invest in strengthening our infrastructure and competitiveness, and in creating the good-paying, union jobs of the future," the fact sheet said.
Here's what the plan will include for workers:
Manufacturing and labor
Biden will invest $300 billion to:
- Strengthen manufacturing supply chains for critical goods by creating a new office at the Chamber of Commerce to monitor domestic production of goods;
- Protect Americans from future pandemics by investing in medical manufacturing, and research and development;
- Enable the federal government to buy clean energy manufacturing;
- Invest in regional innovation and small business hubs across the country to close gaps in access to the innovative economy;
- And partner with rural and Tribal communities to create jobs in rural America.
Biden will invest $100 billion to:
- Pair job creation efforts with sector-based job training programs;
- Target workforce development opportunities in underserved communities, including job training for incarcerated individuals;
- And build the capacity of existing workforce development programs and strengthen workforce protections, prevent discrimination, and promote union organizing.