Billionaire Mario Gabelli told CNBC on Thursday that he is making a bet on infrastructure even if the Trump administration doesn't deliver on its $1 trillion plan to improve roads, tunnels and bridges.
In an appearance on CNBC's "Halftime Report," the CEO, founder and chairman of Gamco Investors said the U.S. has to make investments in its crumbling infrastructure. He said President Donald Trump's proposed infrastructure plan will act as "extra tail wind" to the sector that is already likely to succeed.
"I think housing is going to do well. I think industrial construction is going to do OK, independent" of Trump's plan, Gabelli said.
Gabelli specifically likes Atlanta-based company Mueller Water, a major manufacturer and distributor of fire hydrants, gate valves and other water-related infrastructure products in North America. He said the company has recently come under new leadership and is responsible for providing at least half of the hydrants in the U.S.
He has previously spoken favorably of infrastructure saying, "Infrastructure is important because it helps fiscal stimulation, it offsets monetary policy, it helps the jobs in the middle of the country, it helps everyone."
Gabelli comments came after Trump, who has struggled to get certain policy proposals off the ground, has vowed to cut red tape to speed up approval of infrastructure projects.