This is a must read. Economic developers, business owners, consumer, taxpayers… What is the cost of failing to act to address our nations infrastructure?
“The U.S. economy relies on low transportation costs and the reliable delivery of clean water and electricity to businesses and households to offset higher wage levels and costs of production when compared with many of America’s competitors. However, this report series shows that business costs and therefore prices will increase if surface transportation systems worsen; ports and inland waterways become outdated or congested; and if water, wastewater, and electricity infrastructure systems deteriorate or fail to keep up with changing demand.”
“By 2020, America’s projected surface transportation infrastructure deficiencies —in a scenario of extended trends —are expected to cost the national economy cumulatively almost $900 billion in GDP, rising to $2.7 trillion through 2040. In 2020, nearly 900,000 jobs are expected to be lost. By 2040, these gross job losses will be mitigated to slightly more than 400,000 jobs, but a greater proportion of this apparent job rebound will be due to the need to expand industries associated with automotive repairs.”
This report was prepared for the American Society of Civil Engineers by Economic Development Research Group, Inc.
January 15, 2013
The purpose of the Failure to Act report series is to provide an analysis of the economic implications for the United States of continuing its current investment trends in infrastructure. The Failure to Act series analyzes two types of infrastructure needs:
★★Building new infrastructure to service increasing populations and expanded economic activity; and
★★Maintaining or rebuilding existing infrastructure that needs repair or replacement.