Water / PFAS

Where it stands

Each step compares the last four complete quarters with the two years before. A theme usually moves left to right: companies push, Congress and the White House act, the government buys, and markets respond.

1. 1. Companies pushing
   Steady

   507 companies and groups lobbied on it in Q2 2026, against 503 a year earlier.

2. 2. Congress
   Rising

   40 bills introduced and 0 became law in the last four quarters, against 29 and 0 a year before that.

3. 3. White House and agencies
   Steady

   5 proposed rules, 4 final rules and 0 presidential actions in the last four quarters, against 10 a year before that.

4. 4. Government buying
   Steady

   635 purchase plans and award notices in the last four quarters, against 697 a year before that (records start October 2023).

5. 5. Markets
   Falling

   5 insider purchases in the theme's companies in the last four quarters, against 11 a year before that. Their stocks: -19% over the same year, against +14% for the S&P 500. Among the 50 largest holdings of the funds we track, these stocks were worth $11.0B at the end of Q1 2026, against $11.9B a year earlier; the figure moves with prices and with how many funds rank them that high.

The setup

The Department of the Interior is undertaking a significant, multi-year investment in upgrading water and wastewater treatment facilities across numerous National Parks, with contracts totaling over $600 million. This initiative, largely funded by the Great American Outdoors Act, addresses critical infrastructure needs in iconic locations. Concurrently, the EPA is funding research into PFAS and other emerging contaminants, indicating a broader federal focus on water quality.

How this developed

1. Dec 26, 2024DOI National Park Service awards $27.1M to R.C.S. Construction for wastewater treatment plant rehabilitation at Mount Rushmore.Federal contract
2. May 13, 2025DOI National Park Service awards $46.1M to Record Steel and Construction for Old Faithful water treatment system improvements.Federal contract
3. May 16, 2025DOI National Park Service awards $217.8M to Kiewit Infrastructure West Co. for El Portal Wastewater Treatment Facility rehabilitation in Yosemite.Federal contract
4. Aug 27, 2025DOI National Park Service awards $42.7M to Perini Management Services for critical wastewater utility replacement.Federal contract
5. Dec 17, 2025Department of the Air Force awards $13.4M to Vazquez Reasbeck Construction to repair the water treatment plant at Whiteman Air Force Base.Federal contract
6. Apr 22, 2026DOI National Park Service awards $129.1M to Record Steel and Construction to rehabilitate Canyon Village Wastewater Treatment Systems.Federal contract
7. Jun 11, 2026DOI National Park Service awards $103.3M to Kiewit Infrastructure West Co. to replace the Tuolumne Meadows Wastewater Treatment Plant in Yosemite.Federal contract
8. Sep 25, 2026EPA awards $1.7M to Pegasus Technical Services for analytical and field support for research on PFAS and emerging contaminants.Federal contract

The full story, year by year

* Year to date. Lobbying is the most companies and groups naming the theme in any one quarter. Insider buys are officer and director open-market purchases in XYL, MWA, ERII, AWK, CLH. Fund holdings are the value of these companies among the top 50 positions of the funds whose 13F filings we track, at the latest quarter of each year. Stock returns are an equal-weight basket of the same companies with prices on file, split-adjusted, without dividends, against the S&P 500 over the same quarters.

• Lobbying before 2025 is still loading for this theme, so earlier years undercount.
• Lobbying reports for Q3 2026 are still being filed, so the comparison uses Q2 2026.

Why it matters

• The Department of the Interior has committed over $600 million across at least eight contracts since late 2024 to upgrade water and wastewater infrastructure in National Parks, indicating a sustained, large-scale federal investment in these critical systems.
• Major contracts, such as the $217.8M award for Yosemite's El Portal facility (E3) and the $129.1M for Yellowstone's Canyon Village (E7), highlight a focus on rehabilitating and expanding existing treatment plants in high-profile national sites.
• The Department of the Air Force's $13.4M contract (E5) for a water treatment plant repair at Whiteman Air Force Base shows that water infrastructure upgrades are also a priority for military installations.
• The EPA's $1.7M contract for PFAS research (E12) signals ongoing federal attention to emerging contaminants, suggesting future regulatory or remediation efforts related to these substances.

Companies exposed to this theme

The record · 8 items, oldest first

• Dec 26, 2024Federal contractR.C.S. CONSTRUCTION, INC.: MORU 272051, REHABILITATE AND EXPAND WASTEWATER TREATMENT PLANT, MOUNT RUSHMORE NATIONAL MEMORIAL, KEYSTONE, SOUTH DAKOTA
• May 13, 2025Federal contractRECORD STEEL AND CONSTRUCTION, INC.: YELL 310533 REHABILITATE AND IMPROVE OLD FAITHFUL WATER TREATMENT SYSTEM GAOA
• May 16, 2025Federal contractKIEWIT INFRASTRUCTURE WEST CO.: YOSE 196416 REHABILITATE EL PORTAL WASTEWATER TREATMENT FACILITY AND ADMINISTRATIVE CAMP THE WORK OF THIS CONTRACT IS FOR THE CONSTRUCTION
• Aug 27, 2025Federal contractPERINI MANAGEMENT SERVICES, INC.: GLCA 318744 DESIGN BUILD - REPLACE CRITICAL WASTEWATER UTILITIES
• Dec 17, 2025Federal contractVAZQUEZ REASBECK CONSTRUCTION LLC: PROJECT TITLE: TO 1018 - REPAIR THE WATER TREATMENT PLANT AT WHITEMAN AIR FORCE BASE
• Apr 22, 2026Federal contractRECORD STEEL AND CONSTRUCTION, INC.: YELL 326133 REHABILITATE CANYON VILLAGE WASTEWATER TREATMENT SYSTEMS
• Jun 11, 2026Federal contractKIEWIT INFRASTRUCTURE WEST CO.: YOSE 215363 - REPLACE TUOLUMNE MEADOWS WASTEWATER TREATMENT PLANT, AT YOSEMITE NATIONAL PARK IN CALIFORNIA.
• Sep 25, 2026Federal contractPEGASUS TECHNICAL SERVICES, INC: R425 ANALYTICAL AND FIELD SUPPORT FOR RESEARCH ON PFAS, EMERGING CONTAMINANTS AND OTHER AGENCY PRIORITIES

Some keyword matches were judged unrelated to this theme and are excluded from the record above.

How this story evolved

• Oct 16, 2026, 5:14 AM ETreal64 recordslatest record Oct 6, 2026

  Interior Department invests over $600M in water infrastructure across National Parks, while EPA funds PFAS research.

  The Department of the Interior is undertaking a significant, multi-year investment in upgrading water and wastewater treatment facilities across numerous National Parks, with contracts totaling over $600 million. This initiative, largely funded by the Great American Outdoors Act, addresses critical infrastructure needs in iconic locations. Concurrently, the EPA is funding research into PFAS and other emerging contaminants, indicating a broader federal focus on water quality.

• Oct 15, 2026, 5:15 AM ETreal124 recordslatest record Oct 14, 2026

  DOD and State Dept commit over $1.8B to water infrastructure privatization and wastewater treatment, while agencies assess PFAS contamination.

  The US government is significantly investing in water infrastructure, particularly through privatization of utility systems at military bases and major international wastewater treatment projects. This push is accompanied by ongoing efforts across multiple agencies to assess and manage water quality, including potential PFAS contamination and disinfection byproducts. The activity spans from market research for specialized testing to large-scale construction and long-term service contracts.

• Oct 14, 2026, 5:16 AM ETreal60 recordslatest record Oct 7, 2026

  Federal agencies commit over $2.2B to water infrastructure, including PFAS research and wastewater treatment.

  The US government is significantly increasing investment in water infrastructure, with a strong focus on wastewater treatment and addressing emerging contaminants like PFAS. This push is driven by multiple agencies, including the Department of the Interior, Department of Agriculture, and EPA, through substantial contract awards and targeted research funding. While legislative efforts are in early stages, the executive branch is actively deploying capital.

• Oct 13, 2026, 5:14 AM ETreal60 recordslatest record Oct 7, 2026

  Federal agencies commit over $2.2B to water infrastructure, including $1.7M for PFAS research, while Congress debates liability.

  The US government is significantly increasing investment in water infrastructure, with over $2.2 billion in contracts awarded across multiple agencies for wastewater treatment and water distribution. This surge in spending is accompanied by legislative efforts to address PFAS contamination, including a bill to shift liability to manufacturers and a direct EPA contract for PFAS research. The Department of the Interior, particularly the National Park Service, is a major driver of these infrastructure projects.

• Oct 12, 2026, 5:14 AM ETreal60 recordslatest record Oct 7, 2026

  Federal agencies commit over $2.2B to water infrastructure, including $1.7M for PFAS research, while Congress debates liability.

  The US government is significantly increasing investment in water infrastructure, with over $2.2 billion in contracts awarded across multiple agencies for wastewater treatment and water distribution. This surge in spending is accompanied by legislative efforts to address PFAS contamination, including a bill to shift liability to manufacturers and a direct EPA contract for PFAS research. The Department of the Interior, particularly the National Park Service, is a major driver of these infrastructure projects.

• Oct 11, 2026, 5:14 AM ETreal128 recordslatest record Oct 7, 2026

  EPA awards $1.8M for PFAS research support, while DoD and DoI focus on water infrastructure and contamination remediation.

  The US government is actively addressing water quality and infrastructure, with a notable focus on PFAS contamination and general water system maintenance. This effort spans multiple agencies, including the EPA, Department of Defense, and Department of the Interior, indicating a broad, coordinated approach to water management challenges. Recent activities highlight both remediation efforts and long-term infrastructure investments.

• Oct 10, 2026, 5:14 AM ETreal64 recordslatest record Oct 7, 2026

  Federal agencies commit over $2.3B to water infrastructure, with a focus on wastewater treatment and PFAS research.

  The US government is significantly increasing investment in water infrastructure, particularly for wastewater treatment and addressing emerging contaminants like PFAS. This push is driven by substantial contract awards from the Department of the Interior, Department of Agriculture, and EPA, totaling over $2.3 billion since late 2025. While legislative efforts are underway to shift PFAS liability, the immediate action is focused on upgrading facilities and conducting critical research.

• Oct 9, 2026, 5:14 AM ETreal127 recordslatest record Oct 7, 2026

  EPA awards $1.8M for PFAS research support, while DoD and Interior address water infrastructure and contamination.

  The US government is actively addressing water quality and infrastructure, with a particular focus on emerging contaminants like PFAS. This effort spans multiple agencies, including the Department of the Interior, Department of Defense, and the Environmental Protection Agency, indicating a coordinated approach to both remediation and long-term management. The activity includes significant investments in wastewater treatment, drinking water provision, and specialized research.

• Oct 8, 2026, 5:14 AM ETreal126 recordslatest record Oct 7, 2026

  Federal agencies are investing in widespread water and wastewater infrastructure upgrades and PFAS remediation, with over $1.1B in contracts awarded.

  The US government is actively addressing water quality and wastewater management across various federal facilities and critical infrastructure. This initiative includes significant investments in upgrading existing systems, treating contaminated water, and ensuring compliance with environmental standards. The Department of Defense and the Department of the Interior are leading many of these efforts, alongside other agencies.

• Oct 7, 2026, 5:41 AM ETreal124 recordslatest record Oct 6, 2026

  USIBWC awards $552M for wastewater plant expansion and $1.4M for UV system rehab, while DOE plans AFFF disposal.

  The US government is actively addressing water infrastructure and contamination, particularly concerning wastewater treatment and PFAS. This is evidenced by significant investments in international wastewater treatment plants and domestic efforts to manage contaminated sites. The Department of Defense and the International Boundary and Water Commission are leading these initiatives.

• Oct 6, 2026, 5:15 AM ETreal343 recordslatest record Oct 6, 2026

  Federal agencies are investing heavily in water infrastructure and PFAS remediation, with over $1.4B in contracts awarded since 2025.

  The US government is making substantial investments in water infrastructure, particularly in wastewater treatment and distribution, with over $1.4 billion in contracts awarded since 2025. This push is driven by a combination of infrastructure modernization, disaster recovery, and environmental compliance, including addressing PFAS contamination. While legislative efforts to shift PFAS liability are nascent, federal agencies are actively procuring services and upgrading facilities.

• Oct 5, 2026, 5:14 AM ETreal203 recordslatest record Oct 2, 2026

  Federal agencies commit over $1.4B to water infrastructure, including a $552M cross-border wastewater project, while Congress debates PFAS liability.

  The US government is significantly increasing investment in water and wastewater infrastructure, with over $1.4 billion in contracts awarded since late 2025. This surge in spending is driven by multiple federal agencies, including the Department of Defense and the Department of the Interior, alongside ongoing legislative efforts to address water quality and infrastructure resilience. Concurrently, Congress is grappling with the financial implications of PFAS contamination, seeking to shift cleanup liabilities.