The American Society of Civil Engineers (ASCE) 2017 Failure to Act: Closing the Investment Gap for America’s Economic Future report said inadequate infrastructure investment costs every American household $3,400 per year.
ASCE’s economic study identified the 10-year needs across 10 categories of infrastructure is $3.3 trillion, including a $1.4 trillion investment gap. The gap comprised:
- Surface transportation needs $1.1 trillion, including roads, bridges, transit and commuter rail.
- Electricity infrastructure requires an additional $177 billion.
- Water and wastewater infrastructure has a $105 billion hole.
- Airports require an added $42 billion to stay current with technology.
- Inland waterways and ports need an additional $15 billion.
The annual study found that overdue infrastructure investment will result in many economic losses:
- $3.9 trillion in GDP
- $7 trillion in business sales
- 2.5 million job losses in the year 2025
- $3,400 in a family’s annual disposable income each year from 2016 to 2025, which equals $9.33 a day
The longer infrastructure investment is delayed, the more likely it will need replacement instead of repair, ASCE cautioned.
The organization also noted it would cost American households less to invest and close the infrastructure investment gap within 10 years — $3 per day per household.
By increasing the investment by $144 billion a year for the next 10 years at the federal, state and local levels, we can upgrade our infrastructure, and protect our GDP, jobs, families’ disposable income and our nation’s competitiveness,” according to ASCE.
Review and download the report: