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 | Jun 17, 2016
Feds publish framework for evaluating public-private partnerships
No single factor determines whether a project yields stronger benefit as a P3.
AEC Tech | Jun 17, 2016
Driverless cars could soon start impacting commercial, retail project design
Offsite parking and more space for valet parking lines are among the foreseeable changes.
Codes and Standards | Jun 17, 2016
Bay State moves toward single BIM protocol on state projects
Massport’s guidelines a step forward for integrated BIM initiative.
Multifamily Housing | Jun 14, 2016
San Francisco voters approve tougher affordability requirement on new housing development
Critics charge that the measure may backfire and actually reduce new affordable units.
Concrete | Jun 13, 2016
American Concrete Institute releases new Guide to Shotcrete
Includes information on application procedures, testing.
Healthcare Facilities | Jun 10, 2016
Top 10 health technology hazards include some influenced by space design
ECRI Institute’s annual list includes operational and workflow issues.
Codes and Standards | Jun 9, 2016
Supreme Court ruling could aid developers on properties containing wetlands
Unanimous decision allows landowners to take regulatory decisions straight to court.
Green | Jun 8, 2016
TD Bank Group's renovated Toronto office is first WELL-Certified project under WELL v1
The newly renovated 25,000-sf space achieved gold-level status.
Concrete | Jun 7, 2016
Concrete Institute publishes document providing concrete curing guidance
New curing monitoring techniques included.
Energy | Jun 7, 2016
Energy modeling payback typically as short as one to two months
Energy modeling is a ‘no-brainer—like checking MPG on a car’