After years of delay, Congress finally passed a $305 billion, five-year highway and transit bill -- but this only a small step in improving America's infrastructure woes. A report by the Center on Budget and Policy Priorities warns that state and local spending on infrastructure is at a 30-year low. And, capital spending as a share of state GDP fell in all but five states and Washington D.C between 2002 and 2013.
According to the 2013 report card by the American Society of Civil Engineers, the U.S. has serious infrastructure needs of more than $3.4 trillion through 2020, including $1.7 trillion for roads, bridges. States have varied greatly in the amount budgeted to fixing these infrastructure issues which if fixed could have a dramatic impact:
The new report, written by senior fellow Elizabeth McNichol, says that reversing the relentless decline in state investment in transportation, public buildings and other forms of vital infrastructure “is the key to creating good jobs and promoting full economic recovery,” especially at a time of improved economic conditions and historically low interest rates.