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
| Aug 6, 2014
$300 million mixed-use project in Chicago’s medical district wins key approval
The Illinois Medical District Commission approved a 1.16 million-sf, $300 million mixed-use project in Chicago’s Illinois Medical District.
| Aug 4, 2014
Facebook’s prefab data center concept aims to slash construction time in half
Less than a year after opening its ultra-green, hydropowered data center facility in Luleå, Sweden, Facebook is back at it in Mother Svea with yet another novel approach to data center design.
| Jul 31, 2014
LEED Dynamic Plaque gives owners and tenants ability to monitor building performance
The LEED Dynamic Plaque could aid certified buildings in maintaining performance with up-to-date information about water and energy use, waste reduction efforts, occupant experience, and other green performance categories.
| Jul 31, 2014
Gypsum Association releases updates to wallboard repair standards
The Gypsum Association released updates to both GA-221 Repair of Joint Ridging and GA-222 Repairing Screw or Nail Pops standards publications.
| Jul 31, 2014
Cambridge, Mass., is latest locale to require energy usage disclosure
The City Council of Cambridge, Mass., approved the Building Energy Usage and Disclosure Ordinance (BEUDO) that requires benchmarking and disclosure of building energy performance for large commercial, institutional, and multifamily buildings.
| Jul 31, 2014
Stalled $1.5 billion Miami mixed-use redevelopment project advances
A long-delayed $1.5 billion mixed-use development in Miami moved ahead after city planners approved the project’s first phase.
| Jul 30, 2014
USGS updates National Seismic Hazard Maps
The U.S. Geological Service recently released an update of U.S. National Seismic Hazard Maps that reflect the latest analysis of where future earthquakes will occur, how frequently they may occur, and their strength.
| Jul 23, 2014
Fairfax County, Virginia toughens green standards
The Fairfax County Board of Supervisors recently strengthened its green building policy, requiring higher standards for residential, retail, office and other construction projects seeking approval for rezoning.
| Jul 23, 2014
Berkeley National Lab’s FLEXLAB is a test bed for energy efficient office design
FLEXLAB, short for the Facility for Low Energy Experiments, opened this summer at the Lawrence Berkeley National Laboratory.
| Jul 23, 2014
House passes 2015 GSA budget with 17% cut for new construction projects
The General Services Administration’s construction budget for fiscal year 2015 passed by the House this month includes cuts in both new construction and renovation/repairs compared to 2014.