The American Society of Civil Engineers (ASCE) has released its 2021 Report Card for America’s Infrastructure, a comprehensive assessment of 17 major infrastructure categories compiled once every four years. It focuses on a range of criteria such as capacity, condition and public safety in order to evaluate current and future infrastructure needs through a simple A to F school report card format. The good news is that incremental progress has been made with the country’s score climbing from a D+ in 2017 to a C- in 2021. That marks the first time in 20 years that U.S. infrastructure has climbed out of the D range.
Progress was not even everywhere and the research states that 11 out of 17 categories are still stuck with D grades. Five saw their grades increase – aviation, drinking water, energy, inland waterways and ports while a single category – bridges – deteriorated. Despite the fact that things are going in the right direction, the bad news is that the country’s long-term investment gap continues to grow. The U.S. is only paying half of its infrastructure bill and the investment gap has climbed from $2.1 trillion over 10 years to nearly $2.59 trillion over 10 years.
The ASCE states that continued underinvestment in infrastructure at current rates will result in a range of serious economic consequences by 2039. These include the loss of $10 trillion in GDP, $2.4 trillion in exports and more than three million jobs. By the end of the next decade, the problem will cost the average American household $3,300 a year or $63 per week. The report recommends a strategic and holistic plan to renew, modernize and invest in infrastructure, making maintenance its central focus. As it stands, roads that will become too rough to travel on, levees that will not keep storms at bay and bridges that will not be able to accommodate heavy traffic will cause economic havoc.
Looking at the problem in more detail, where is the infrastructure investment gap most pronounced? The U.S. has some $5.9 trillion in funding needs for its infrastructure up to 2029, of which $3.35 trillion is in place. Surface transportation such as roads, highways, bridges and public transportation systems have the biggest cap in funding and require a further $1.2 trillion of investment over the coming decade. Drinking water, wastewater and stormwater also require a considerable financial boost to the tune of $434 billion while schools have the third-highest gap with a further $380 billion required.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
