Throughout this four-part series, the Jacksonville construction attorneys of Cotney Construction Law are discussing infrastructure and the future of the construction industry. In 2018, we are at a unique crossroads where many of the traditional aspects of the construction industry we have always relied on are still being utilized on projects. However, companies are beginning to “see the light” and are changing their process to more innovative ways of taking on projects. In the next ten to twenty years, there will need to be a dramatic shift in the way we work on projects to meet the ever-increasing demand.
In the first section, we explained some of the reasons why we need to adapt the way infrastructure projects are approached. As we will discuss in this section, all projects begin with the almighty dollar. Without an effective funding system in place, projects can never get off the ground. A Jacksonville construction attorney will discuss some of the ways that we can invest in projects for the future.
One of the primary reasons why the United States is experiencing a deteriorating infrastructure is because of a lack of funding. Traditionally, American infrastructure spending has been greatly dependent on the federal dollar. However, spending on infrastructure has reduced significantly since The Recession impacted our economy nearly a decade ago. As recent history has proven, during times of a financial crisis, investing in infrastructure often takes a backseat to other important government expenses.
How Much Do We Need to Spend?
Recent projections by InfrastructureReportCard.com state that there is a need to invest at least $2 trillion into our infrastructure over the next decade. Unfortunately, as the new infrastructure proposal highlights from Washington, bridging this funding gap is no longer feasible on the federal level.
Who Should Pay for Infrastructure?
With a recently proposed infrastructure bill that looks to reallocate much of the financing from the federal government into the private sector, the future of infrastructure will rely on public and privately merged initiatives to launch infrastructure projects. Along with this partnership to fund projects, taxpayers will need to do their part to foot the bill by paying tariffs or toll collections for highway transport.
Changing Public Perception
Although most citizens recognize the importance of an effective infrastructure system, many still overlook the fact that urgent action is needed in order to maintain our current infrastructure and develop sustainable solutions for the future. It’s important that public perception is influenced in the near future and that citizens understand the positive impact that infrastructure has on the overall economy.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.