The gap between America’s projected infrastructure investment needs and its likely spending on those needs is projected to top $2.6 trillion by 2029 and more than $5.6 trillion by 2039, according to a new report from the American Society of Civil Engineers.
The report says that a cumulative $6.1 trillion in infrastructure funding will be needed through 2029, but only about $3.5 trillion is expected over that time. It says a total of $13 trillion will be needed by 2039, but only $7.3 trillion is expected.
The report warns that underinvestment in infrastructure could have severe economic consequences. “Overall, if the investment gap is not addressed throughout the nation’s infrastructure sectors, by 2039 the economy is expected to lose more than $10.3 trillion in GDP,” it says. “As a result of this underperformance, job losses will mount annually, and in 2039, the U.S. economy is predicted to support 3 million fewer jobs than under baseline conditions.”
The report projects that deficient infrastructure will cost U.S. households more than $3,300 a year on average through 2039 as the result of job cutbacks and decreased productivity.
President-elect Joe Biden is expected to announce a major multi-trillion-dollar infrastructure initiative on Thursday.