The quality of infrastructure in the U.S. ranks just 19th in the world, trailing countries such as Oman, Portugal, and Spain, according to the World Economic Forum’s Global Competitiveness Report. Financially strapped state and local governments are responsible for the poor showing.
The American Society for Civil Engineers (ASCE)gave the U.S. a D+ in its annual Infrastructure Report Card, saying the country needs to invest $3.6 trillion by 2020 to upgrade our infrastructure. Infrastructure spending continues to lag, even while the economy adds jobs, GDP continues to grow, and home sales rebound following the recession.
States, counties, and cities, which are primarily responsible for funding schools, roads, waste disposal facilities, and other community assets, are focused on paying down debt and don’t have the money for a needed infrastructure spending spree. In the last few years, the bond markets have issued few notes for new capital projects despite historically low interest rates, according to the Securities Industry and Financial Markets Association. Much of the current municipal bond issuance appears to be refinancing.
In addition, with the federal government’s Highway Trust Fund expected to run out of money in August unless Congress replenishes it, many state transportation projects are in limbo.
(http://fivethirtyeight.com/features/why-we-still-cant-afford-to-fix-americas-broken-infrastructure/)
Related Stories
Codes and Standards | Nov 6, 2018
AIA releases 13 new and updated contract documents
Includes new Contractor-Subcontractor Master Agreement.
Codes and Standards | Nov 2, 2018
New Milwaukee Bucks home called world’s first bird-friendly sports arena
Design will make bird collisions less likely.
Codes and Standards | Nov 1, 2018
Several barriers holding back widespread construction of zero energy buildings
Code improvements and voluntary programs could add momentum.
Codes and Standards | Oct 31, 2018
Boston’s new flood protection plan centers on new parks
Initiative would add 67 acres of public open space.
Codes and Standards | Oct 30, 2018
San Francisco plans tougher seismic building codes
Recommendations include addressing geotechnical issues like those faced by Millennium Tower.
Codes and Standards | Oct 26, 2018
Tall Mass Timber code proposals approved at Intl. Code Council public comment hearings
Proposals now go to online voting; final outcome expected in December.
Codes and Standards | Oct 25, 2018
Low-income neighborhoods could benefit most from green roofs
Those areas face the biggest risk from extreme heat.
Codes and Standards | Oct 24, 2018
Building design critical to prevent school shootings
Safety must be balanced with welcoming environment.
Codes and Standards | Oct 23, 2018
Codes in Florida Panhandle made buildings vulnerable to Hurricane Michael
Less stringent codes in northern parts of state linked to devastation.
Codes and Standards | Oct 19, 2018
Global Green Tag production certification standard will launch in U.S. at end of year
Australian program recognized by WELL, claims compliance with LE.