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 | Dec 7, 2016
U.S. lumber industry pushes for import duties on Canadian softwood
The industry claims the product is being sold below fair market value.
Codes and Standards | Dec 5, 2016
International Construction Measurement Standards draft released
The goal is to improve consistency for calculating costs and reducing risk.
Codes and Standards | Dec 2, 2016
D.C. Council passes bill to reduce number of blighted properties
The new legislation reduces the amount of time a vacant property can qualify for a lower tax rate.
Codes and Standards | Dec 1, 2016
Passive House standard gaining influence in commercial sector
Some industry watchers predict it will become the base building code.
Codes and Standards | Nov 30, 2016
Researchers finding solutions to bird/building collisions
Glass facades pose a serious risk to birds and cause millions of avian deaths each year.
Codes and Standards | Nov 29, 2016
New OSHA rules to reduce fall and trip hazards
Employers can choose from a variety of fall protection systems.
Codes and Standards | Nov 29, 2016
Seattle imposes new construction regulation to address rat problem
The city ranks first in U.S. in rat population.
Codes and Standards | Nov 28, 2016
Construction groups sue New York City over crane safety regulation
The rule bans cranes from operating when wind exceeds 30 mph.
Codes and Standards | Nov 28, 2016
Marines plan first net zero energy military base
The Albany, Ga., site will have ground source heat pumps and a biomass generator.
Codes and Standards | Nov 18, 2016
Mahesh Ramanujam takes reins as U.S. Green Building Council President and CEO
Ramanujam brings his tech and business consulting background to the post.