In 1988, the U.S. infrastructure system including all public and private non-residential capital stock was valued at $7 trillion, an immense portfolio to operate and manage.Pietroforte, R., & Miller, J. (2002). Procurement methods for US infrastructure: historical perspectives and recent trends. Journal of Building Research & Information, 30(6), 425-434. And according to the Congressional Budget Office, in 2004 the U.S. invested $400 billion in infrastructure capital across federal, state, and local levels including the private sectors on transportation networks, schools, highways, water systems, energy, and telecommunications services. While public spending on infrastructure grew by 1.7% annually between 1956 and 2004, it has remained constant as a share of GDP since early 1980s.Orszag, P. R. (2008). Investing in Infrastructure. Washington, DC: Congressional Budget Office. Despite the value and investment of public capital, growing delays in air and surface transportation, aging electric grid, an untapped renewable energy sector, and inadequate school facilities all have justified additional funding in public capital investment.
In 1988, the U.S. infrastructure system including all public and private non-residential capital stock was valued at $7 trillion, an immense portfolio to operate and manage.Pietroforte, R., & Miller, J (2002). Procurement methods for US infrastructure: historical perspectives and recent trends. Journal of Building Research & Information, 30(6), 425-434. And according to the Congressional Budget Office, in 2004 the U.S. invested $400 billion in infrastructure capital across federal state, and local levels including the private sectors on transportation networks, schools, highways, water systems, energy, and telecommunications services. While public spending on infrastructure grew by 1.7% annually between 1956 and 2004, it has remained c,onstant as a share of GDP since .early 1980s.Orszag, P. R. (2008). Investing in Infrastructure. Washington, DC: Congressional Budget Office. Despite the value and investment of public capital, growing delays in air and surface transportation, aging electric grid, an untapped renewable energy sector, and inadequate school facilities all have justified additional funding in public capital investment.