Federal Analysis: Now is the Time for Smart Transportation Infrastructure Investment

Bipartisan, National Infrastructure Coalition Applauds the Findings; Urges Congress to Act.

Washington, DC –The Department of the Treasury, with the Council of Economic Advisers, today released an analysis on the economic benefits of transportation infrastructure investment. The findings highlight four key benefits to investment:

• Well-designed infrastructure investments have long term economic benefits;
• The middle class will benefit disproportionately from this investment;
• There is currently a high level of underutilized resources that can be used to improve and expand our infrastructure; and
• There is strong demand by the public and businesses for additional transportation infrastructure investments.

President Barack Obama also met with state and local elected officials today to discuss the analysis and advocate for a robust and reformed six-year transportation bill, an additional $50 billion for our roads, railways, and runways in the short-term, and to create a National Infrastructure Bank. Members of Building America’s Future attended the meeting and issued the following responses:

“The findings reiterate what Building America’s Future has been advocating for 18 months: our nation’s infrastructure has been neglected for far too long, smart investment can yield job creation and long-term economic growth, and the public and business community want our government to act,” said Governor Ed Rendell (D-PA), co-chair of Building America’s Future. “We applaud the administration’s leadership on this issue and look forward to working with them to repair and modernize America’s transportation infrastructure.”

“Infrastructure is a bipartisan issue because we all deserve safe bridges, uncongested roads, and sustainable transit options,” said Mayor Antonio Villaraigosa (D-Los Angeles), member of Building America’s Future. “The time to invest is now, but as this analysis shows, we must reform the way funding is distributed and leverage the investment of local funds. The President’s commitment to establishing a National Infrastructure Bank is exactly the kind of new thinking needed to maximize limited federal dollars, attract private capital, and invest in projects of regional and national significance.”

“Rebuilding America not only helps create jobs and global economic competitiveness, but it also creates pride and a higher quality of life in our communities,” said Mayor Joe Riley (D-Charleston, SC), member of Building America’s Future. “The National Infrastructure Bank will go along way towards addressing our nation’s infrastructure funding shortfalls. Congress should move swiftly and boldly to take up these challenges.”

Building America’s Future (www.BAFuture.org) is a national and bipartisan infrastructure coalition dedicated to smart investment and reform – energy systems, roads and bridges, mass transit, water and sewer systems, rail, ports, airports, levees and dams, schools and housing – to enhance the quality of life and safety of our communities, create jobs and economic growth, and promote energy independence. Founded in 2008, Building America’s Future is co-chaired by Governor Arnold Schwarzenegger (R-California), Governor Ed Rendell (D-Pennsylvania), and Mayor Michael Bloomberg (I-New York City).

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