Trucking companies are eager to see President Donald Trump’s $1 trillion infrastructure pledge become a reality, arguing upgrades to America’s highways will lift the industry and the U.S. economy.
In his address to Congress last week, Trump reiterated that he will ask lawmakers to pass a bill that plows $1 trillion into infrastructure projects over a 10-year period. The plan would be financed through public and private funds, the president said. Trump hosted a meeting at the White House Wednesday to discuss infrastructure investments with several private-equity leaders. Elon Musk, the CEO of Tesla (TSLA) and SpaceX, was also present.
Given the president’s support for infrastructure spending, optimism has engulfed transportation and logistics companies since the election. Shares of J.B. Hunt (JBHT) are up 14%, while XPO Logistics (XPO), which acquired trucking firm Con-way in 2015, has surged 37%.
Still, Trump’s plan faces the usual speed bumps on Capitol Hill, as divisions have already emerged over how it will pay for an infrastructure bill. Support is likely to come from both Republicans and Democrats, though, and the trucking industry is pushing for a solution.