With the impending expiration of the FAST Act, the ASCE released new data on transit systems, roads, and bridges.
The report shows the current transportation system investment trends are unsustainable, producing dire consequences for the American people and the economy. The cumulative investment gap between what we are currently spending and what we need to spend to decrease congestion and maintain our assets in a state of good repair is approximately $5 trillion in 2019 dollars, says ASCE.
If industry costs are passed on to consumers, cost per household could be as high as $12,500 over 20 years, or $625 dollars per household. Over time, the effects worsen. Losses to households and industries will amount to $677 billion over the 2020 -2029 period and $1.3 trillion during the 2030-2039 decade, according to the report.
Looking specifically at roads, the funding gap required to rehabilitate pavement and make other operational condition improvements is $12 billion annually, or nearly $238 billion over 20 years. In other words, spending on highways must increase 29 percent over current spending levels to address the current backlog and anticipated future backlogs.
Click here to read “Failure to Act,” the report of preliminary findings. The full report will be released later this year.
Follow this link to see ACPA’s government affairs repository.