Public-Private Partnerships Can Revitalize US Infrastructure
America’s once world-envied infrastructure has deteriorated significantly. The American Society of Civil Engineers’ recent report card, assessing the nation’s rail networks, bridges, roads, wastewater systems, aviation, and other components, issued an overall disheartening grade of “D+,” just a few years ago.
According to the Federal Times, in response, the Biden Administration has prioritized infrastructure revitalization as a critical agenda item, aiming to “Build Back Better.” This goal has received bipartisan support, recognizing that improving aging highways, bridges, tunnels and other infrastructure is not just a necessity but a national imperative.
However, despite touting historic infrastructure progress during the administration’s May 2024 Infrastructure Week, the sheer scale of the challenge surpasses the capacity of federal efforts alone. As an example, during Infrastructure Week, the Biden team celebrated the launch of more than 9,400 bridge repair projects. However, in 2023, the U.S. recorded 42,000 bridges in poor condition.
Traditional government funding mechanisms and processes are simply proving inadequate in meeting the overwhelming need, which brings us to the potential of Public-Private Partnerships (PPPs).