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
| Sep 2, 2014
Montreal borough leader urges city to issue green roof guidelines
The mayor of Montreal's Saint-Laurent borough wants Quebec's housing authority to speed up its plan to publish construction guidelines for green roofs.
| Sep 2, 2014
Proposed federal rules would create more stringent healthcare facility safety rules
A key change is a requirement that buildings over 75 feet tall have sprinkler systems throughout the structure. Existing buildings would have 12 years to install them.
| Sep 2, 2014
Construction unions, housing activists press New York mayor on affordable apartment projects
A group of New York City construction unions have joined forces with affordable housing activists to pressure Mayor Bill de Blasio to require organized labor on construction of 80,000 lower-cost apartment units.
| Aug 27, 2014
Houma, La., will tap FEMA grants to raise hurricane resilience standards on public buildings
The Houma-Terrebonne Civic Center and other public buildings in Houma, La., would be renovated to withstand Category 3 hurricane winds according to a plan being considered by the Parish Council.
| Aug 27, 2014
Napa Valley assesses impact of structural retrofits on buildings after earthquake
About 30 inspection teams of two inspectors each have conducted at least quick exterior inspections of downtown Napa, Calif., buildings since a magnitude 6.0 earthquake struck the region.
| Aug 27, 2014
Liberty Building Forensics cautions hotel building teams on moisture, mold issues
Liberty Building Forensics Group, a building forensics firm warned building teams working on hotel projects to be on guard against moisture intrusion and mold.
| Aug 27, 2014
Requirement for site safety inspectors hampering construction in New York City
New York City’s regulation that requires contractors to hire independent safety inspectors for job sites is holding up projects worth millions of dollars, contractors say.
| Aug 27, 2014
Turkish government orders demolition of residential towers in Istanbul
Citing negative effects to a world heritage site, the Turkish central government has ruled that the recently completed OnaltiDokuz Residence towers must be demolished.
| Aug 21, 2014
Industry groups agree to streamline green building tool coordination and development
Major building industry groups the International Code Council (ICC), ASHRAE, the American Institute of Architects (AIA), the Illuminating Engineering Society of North America (IES), and the U.S. Green Building Council (USGBC) have agreed to collaborate on the development of Standard 189.1, the International Green Construction Code (IgCC), and the LEED green building program.
| Aug 21, 2014
Performance-based zoning: U.S. cities starting to loosen zoning regulations
Driven by New Urbanism, more than two dozen communities in the U.S. have loosened zoning restrictions in recent years.
