With demand for infrastructure rising not just in America but abroad as well, valuations on some of these companies have climbed. For instance, the S&P 500 industrials sector, which includes railroads, steel companies, energy services and other infrastructure-related businesses, was trading at about 1 times discount to the S&P 500 in early 2015. It's now trading at a 0.6 percent premium. But Santoro thinks that many are still attractively valued when looking at future earnings.
He thinks companies could see better earnings expansion as the dollars start flowing. So while some operations look expensive based on current earnings, if you factor in more infrastructure spending, the valuations don't appear as high. "From that standpoint, there are plenty of opportunities to find reasonably valued companies that will benefit from this movement," he said.
Still, Lemonides said to be careful of companies that have jumped in price. "You want the ones that haven't exploded on the upside," he said.
Overall, though, companies across numerous sectors should eventually see some sort of earnings uplift, said Mitchell of Sprott Asset Management. Cement, steel, energy, electricity and financial firms all have a part to play in rebuilding America's crumbling assets.
However, engineering consulting firms, like AECOM, and large infrastructure conglomerates, such Macquarie Infrastructure, would be the first groups to see some of that money, he said. The former is currently trading at 13 times earnings, while the latter is trading at close to 19 times. The S&P 500, by comparison, is trading at 17.4 times earnings.
"There's no end to the sort of second or third derivative companies that will benefit," he said. "But first it'll be companies that can help build, renovate and get started on new infrastructure projects."
In the energy infrastructure space, a business such as Williams Company, which owns and operates pipelines, will be a big beneficiary, said Lemonides, as will equipment makers, such as National-Oilwell Varco, which sells drilling tools.
It's currently trading at $38 a share, or about six times 2014 earnings, which was its best earnings year. The company should beat those earnings by 2020 and could get to as high as $90 a share, he said. "These are going to go from being completely unloved investor scapegoats to getting more investor interest," he said.
On the water front, which is more of a longer-term infrastructure play, investors might want to look at Xylem, said Santoro. It provides transportation, water testing, water pumps and other water infrastructure products and services. "They address the full water cycle," he said.
It's currently trading at 22 times 2017 earnings. While that's higher than the 20 times it's traded at, on average, over the last three years, Santoro thinks that it has above-average earnings growth potential for this year and next compared to its peers. And compared to other companies in its sector, which have also seen valuations rise, it's undervalued. "Its relative valuation among industrials that will benefit from a better growth environment is quite attractive," he said.