The U.S. stands to lose 3 million jobs and $10.3 trillion from its economy by 2039 if it continues to fall behind in infrastructure funding.
That’s the conclusion of a new report by the American Society of Civil Engineers, which hopes to spur the incoming Congress and president to close the gap between funding and the country’s infrastructure needs.
The ASCE Failure to Act report estimates that funding gap at $2.6 trillion by 2029, and $5.6 trillion by 2039.
Such a gap would lead to every U.S. household losing $3,300 a year in disposable income through 2039 because of higher costs and other impacts from failing infrastructure, according to the report.
“The updated Failure to Act report finds, in short, that we are treading water,” said ASCE Executive Director Tom Smith during a webinar January 12. “In the areas that are most recognizable to Americans – water, wastewater and surface transportation – we’re falling farther behind.”
The report notes that the surface transportation funding gap has grown the most compared to other infrastructure categories, by $100 billion over the past 10 years. Surface transportation includes roads, bridges, passenger rail and transit systems.
Failure to invest more also affects trade with foreign countries, causing U.S. products to be less competitive and increasing the trade deficit. The report estimates a $2.4 trillion drop in U.S. export value and a $1.8 trillion drop in import value by 2039 without increased funding.
