May 13, 2024
Today ASCE released its economic report on “Bridging the Gap.” The report describes the impact that the federal investment has had on the US Infrastructure needs.
Terence Smith, CEO of Smith’s Research & Gradings, who serves on the ASCE Committee on America's Infrastructure (America's Infrastructure Scorecard) is hosting the Investments in Energy discussion panel at today’s ASCE Bridging the Gap Release Event. “Our study shows that America’s grid has a unique challenge among all the other infrastructure categories, he said. “Investments in the grid are surging between recent federal legislation and the private market. There’s been a clear raising of table stakes for utilities and network operators: more plentiful, capable interconnections with resilience to more extreme weather. Our economic study, built with improved knowledge of electrification across the economy, shows significant costs to Americans even if recent legislation is extended. So, what now? How do private capital, utilities setting rates, government decision-makers, and researchers pushing innovation meet this challenge?”
The economic study analyzes two possible scenarios over 10-and 20-year timeframes: one in which recent federal spending levels remain in place, the “Continuing to Act,” scenario, and the other in which federal infrastructure investment returns to pre-IIJA levels when the bills expire in 2026, or the “Snapback” scenario. The report finds that Continuing to Act greatly reduces infrastructure inefficiencies over time, leading to additional industrial output and household disposable income; however, reverting back to pre-IIJA levels, or “Snapback,” will have a cascading effect on the economy, reducing disposable income for families, and hampering business productivity and overall GDP year after year.
The live event and replay can be viewed on YouTube here: Bridging the Gap
To view the summary findings and the full report click the links below.
