More Money Needed for Infrastructure Fixes: ASCE
Date Posted: May 14, 2024
Posted In: News, Organizations,
From Construction Dive: Federal infrastructure money is keeping the country’s infrastructure woes from getting worse, but that progress will be lost when that funding ends, the American Society of Civil Engineers said in a report released May 13th entitled “Bridging the Gap.” ASCE releases the economic study every four years leading up to the release of its national Report Card for America’s Infrastructure.
Recent federal investments, including $550 billion in new funding in the Infrastructure Investment and Jobs Act, have prevented the infrastructure investment gap from growing, the report found, but that money is set to expire by 2026. Plus, changes in the infrastructure landscape — including supply chain problems, stricter emission standards in the energy sector and extreme weather — have raised baseline spending needs and are keeping the investment gap from being noticeably reduced.
Infrastructure inefficiencies like power outages, uneven roads, time spent in traffic, load restrictions on bridges and leaking water pipes all have consequences for businesses and consumers, according to the organization. ASCE President Marsia Geldert-Murphey said the failure to prioritize infrastructure has cost businesses and consumers for decades.
“Federal action has made substantial progress stopping the growth of our needs, but this is just the beginning,” said Geldert-Murphey in a press release. “We need continued action at the federal level and collaboration from state and local governments and the private sector if we are going to succeed in transforming our aging infrastructure network to be more sustainable, resilient and best suit the future needs of American households and businesses.”