You probably wouldn't want Caterpillar's equipment in your backyard. The company also diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. If a boom in infrastructure spending is on the horizon, then it's hard to avoid industrial stocks like Caterpillar ( CAT (opens in new tab), $230.56), the world's leading maker of construction and mining equipment. Among other things, it makes crushed sand and gravel products, ready-mixed concrete and asphalt, and paving products and services.īiden's American Jobs Plan could help to speed along a major boost in infrastructure spending, making MLM one of the best stocks to buy for the new administration should that legislation pass. Martin Marietta is a building materials company that specializes in the materials used in large construction projects. This brings us to Martin Marietta Materials ( MLM (opens in new tab), $357.47).
"Infrastructure improvement and supply-chain reshoring of health care goods and other items deemed critical to national security likely will be pushed either by a split government or one led by the Democrats," Wells Fargo Investment Institute analysts say.
#Penny stocks that will skyrocket free
Sign up for Kiplinger's FREE Investing Weekly e-letter for stock recommendations and other investing advice. Both parties at least pay lip service to the need for a manufacturing renaissance and for investments in infrastructure. While Biden will certainly benefit from a more accommodative Senate, he was unlikely to get a lot of pushback on these particular issues.
As mentioned a minute ago, a key plank of President Biden's platform is his "Build Back Better" plan, which includes pledges to "mobilize American manufacturing" and "build a modern infrastructure."
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