A study released this week by the American Society of Civil Engineers (ASCE) estimates the cost of the deteriorating U.S. infrastructure in terms of lost jobs could reach 3.5 million by 2020, with a corresponding loss of $3.1 trillion in economic output over the same period – unless an additional $1.1 trillion in funding is invested in infrastructure projects.
According to ASCE's Failure to Act, crumbling bridges, roads, sewer systems, power grids and airports represent a public safety issue that can "negatively affecting business productivity, gross domestic product, employment, personal income and international competitiveness." It estimates the U.S. will need to spend $2.75 trillion to maintain and improve its infrastructure by 2020, or roughly 66% more than the $1.66 trillion in currently expected funding over that period.
If the investment gap is not addressed, the economy is expected to lose almost $1 trillion in business sales, resulting in the estimated 3.5 million job loss. The cumulative cost to the economy would be more than $3.1 trillion in GDP and $1.1 trillion in total trade.
