First look: "Shovel-ready" shortage gets bipartisan legislation

• The bill would establish a $500 million grant program over five years for towns to equip potential manufacturing sites with road access, water infrastructure, broadband, power utility hookups and workforce training.
• The legislation would prioritize rural and tribal communities as well as poor regions with high unemployment and outmigration, according to a copy of the bill reviewed by Axios.
• The program would be administered by the economic development administration under the Commerce Department.

The big picture: Over the past year, the U.S. has passed a series of bills —including the Inflation Reduction Act, which includes subsidies for renewable energy, and the Chips Act promoting semiconductor production — aimed at boosting domestic industry.

• President Biden has been touting the amount of private manufacturing investments that have come as a result, making it a core piece of his 2024 re-election platform.

• Republicans, too, are making the argument, particularly in the parts of the South and the Midwest where most U.S. manufacturing is concentrated, that it is vital to onshore jobs from other low-wage countries.

The bottom line: "This bill would deploy capital broadly to ensure the foundations of tomorrow's industry and growth are laid in underdeveloped regions," Vance said in a statement.

• "If enacted, it will deliver good-paying jobs, build vibrant communities, and strengthen supply chains — in Ohio and around the country, " he said.