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
| Jan 18, 2012
Report analyzes residential hurricane codes in 18 states
The Insurance Institute for Business & Home Safety (IBHS) released a new report analyzing residential building codes in 18 hurricane-prone coastal states along the Gulf of Mexico and the Atlantic Coast.
| Jan 18, 2012
Death in Chicago high-rise apartment fire blamed on fire code
The death of a Chicago woman who stepped off her elevator into a blazing inferno last week has underscored the need for fire sensors in elevators.
| Jan 18, 2012
California approves open cell spray foam for energy efficiency standards
The California Energy Commission (CEC) now recognizes open-cell spray foam as an accepted insulation in its 2008 Building Energy Efficiency Standards.
| Jan 5, 2012
Building to LEED standards now an 'easy call' from cost standpoint
Once seen as a cost burden, building to LEED standards is now an "easy call," according to Dan Probst, chairman of energy and sustainability for real estate management and development firm Jones Lang LaSalle.
| Jan 5, 2012
Minnesota's GreenStep Cities program aids communities in winning grants
GreenStep Cities, a Minnesota initiative, was designed to provide greater recognition to the state's communities for achievements in meeting sustainability standards and goals.
| Jan 5, 2012
Some ADA accessibility rules change in 2012
Some changes to the Americans with Disabilities Act go into effect beginning March 15, 2012.
| Jan 5, 2012
Ontario's stringent energy code has builders concerned over indoor air quality
Some Ontario builders are worried that new building code requirements with stricter energy efficiency measures could lead to poor indoor air quality.
| Jan 5, 2012
New law bars Defense Department from new LEED certifications
The Defense Department will not be allowed to use any money to certify its buildings LEED Gold or Platinum, under a law President Obama signed Dec. 31.
| Jan 5, 2012
Some ADA accessibility rules change in 2012
Some changes to the Americans with Disabilities Act go into effect beginning March 15, 2012.
| Jan 3, 2012
New SJI Rule on Steel Joists
A new rule from the Steel Joist Institute clarifies when local reinforcement of joists is required for chord loads away from panel points. SJI members offer guidance about how and when to specify loads.
