With each year that passes without significant investment in addressing the nation’s aging infrastructure, the economic costs to both businesses and individuals rise. What solutions does the U.S. Transportation Secretary Anthony Foxx propose to address the country’s transportation infrastructure needs?
According to the American Society of Civil Engineers (ASCE) 2013 Report Card for National Infrastructure, the overall infrastructure grade for the United States is a D+, which poses both significant safety and economic concerns for the nation. The ASCE estimates that the without an investment of $ 157 billion each year through 2020, transportation delays, problems with the electrical grid, and failure of water mains will cost businesses in the United States $1.2 T and homeowners $611 B by the end of the decade. To explore solutions to the U.S. crumbling transportation infrastructure, U.S. Secretary of Transportation Anthony Foxx participated in The Center for Transportation and Logistics Series forum at MIT in early January.
A Three-Prong Solution to Addressing Transportation Infrastructure Deficits
In addition to finding new funding streams for transportation infrastructure, which have dwindled as taxes tied to gas consumption have decreased, Secretary Foxx discussed the solutions to the nation’s transportation infrastructure issues require both innovation and the use of advanced technology. While funding legislation continues to be a challenge, the investment in transportation infrastructure results in a variety of economic multiplier effects. While job creation is one of the most obvious and immediate benefits, improvement in logistics and supply chains can decrease business costs so revenue can be directed towards R & D. in addition, high speed rail hold the promise of transforming not only our means of transportation, but also its effect on our environment and the design of our cities.
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