ASCE Releases Report on the IIJA Investments’ Effects On The U.S.
The $1.2 trillion funding windfall of the Infrastructure Investment and Jobs Act (IIJA) is saving the average American household nearly $700 a year, according to a new report by the American Society of Civil Engineers (ASCE). They warn though, to be aware of the snapback.
ASCE’s Bridging the Gap: Economic Impacts of Infrastructure Investment 2024-2043 report, found that the IIJA investment has been essential to the country’s infrastructure, and that continued investment is necessary or those savings to each American household are to vanish by 2026.
Analyzed in the report are two scenarios:
- The Continue to Act scenario, in which the new IIJA funding levels represent a baseline for future funding levels
- The Snapback scenario, in which funding levels after 2026 return to pre-IIJA investments
According to the ASCE, The scenario that maintains current IIJA funding into the next decade would save the U.S. GDP $637 billion, according to the report.
“We failed to prioritize America’s infrastructure systems for decades, and those costs were passed down to businesses and consumers alike,” said ASCE President Marsia Geldert-Murphey. “Federal action has made substantial progress in stopping the growth of our needs, but this is just the beginning.
“We need continued action at the federal level and collaboration from state and local governments and the private sector if we are going to succeed in transforming our aging infrastructure network to be more sustainable, resilient, and best suit the future needs of American households and businesses.”
