By Tom Leggett and Michaela CernaCNN contributorJuly 16, 2020 12:00:00In an attempt to boost the country’s economy, the US Department of Transportation is offering a package of incentives to boost highway construction.
The incentive package includes $3,450 in new construction financing, up to $2,200 in federal funding, $1,700 in state grants, and $1 million in local tax credits.
It includes:In the first six months of this year, the $1.2 billion project will create about 4,600 jobs, including 1,400 in the construction sector.
In the second half of 2020, the total amount of jobs is expected to be higher.
The highway is being built by the Interstate Highway System, a partnership of states and the federal government.
It is expected that up to 3 million vehicles will travel along the corridor, according to the department.
The Department of the Interior and the Federal Highway Administration also plan to support up to 300 miles of trails.
The department says it is looking for “local and private partners to create jobs and infrastructure in the community,” and the incentives will be available for up to three years.
“The first phase of the $3 billion project, which will begin construction in 2019, is expected in the next few months,” the department said in a statement.
“The second phase will begin in 2021 and the final phase in 2022.”
Construction of the project will be fully funded through federal transportation funds and will be completed by 2022.
“The first three phases are expected to cost $8 billion, with the fourth phase expected to bring the total project cost to $10 billion.
The $3 million incentive package is only the first of many in a package that includes $500 million in new federal funding to the highway system.
The money comes from a $5 billion highway program called Highways Now.
The US Department is also offering incentives for other infrastructure investments in the United States.
The first $1 billion is being offered to bridge the gap between existing roads and bridges, to improve highway safety, and to create “safe, reliable, and efficient public transit.”
The second $2 billion will be used to improve roadways and bridges that have been in use for decades.
The next $2.5 billion will support “the development of new and improved technologies for safe, reliable and efficient transportation,” including “advanced sensors and sensors that enable better information and navigation of vehicles,” according to a statement from the Department of Interior.