Sure sounds a like a great return on the investment and it is, according to a new report from the American Society of Civil Engineers (ASCE). The study, Failure to Act: The Impact of Infrastructure Investment on America’s Economic Growth, finds that:
Deteriorating infrastructure, long known to be a public safety issue, has a cascading impact on the nation’s economy, negatively affecting business productivity, gross domestic product, employment, personal income and international competitiveness.
ASCE finds that with an additional investment of $157 billion a year between now and 2020, the United States can eliminate this projected drag on economic growth and protect:
- $3.1 trillion in GDP, almost the equivalent of Germany’s entire GDP.
- $1.1 trillion in U.S. trade value, equivalent to Mexico’s GDP.
- 3.5 million jobs, more than the jobs created in the United States over the previous 22 months.
- $2.4 trillion in consumer spending, comparable to Brazil’s GDP.
- $3,100 in annual personal disposable income.
During the past Congress, President Obama urged lawmakers to approve the American Jobs Act that included a major investment in the nation’s infrastructure, but Senate Republicans successfully filibustered the bill and killed the jobs-creating legislation.
This has been reposted from the AFL-CIO.