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Historic Transportation Infrastructure Investment Is Coming to the U.S.
July 21, 2022
Over the next five years, $590.7 billion will be spent on U.S. transportation networks through the Infrastructure Investment and Jobs Act of 2021, the largest investment in infrastructure since construction of the Interstate Highway System.
Photo By Brookings Federal Infrastructure Hub, ULI
Some of the strategies to leverage this significant federal funding could be used to implement effective infrastructure-led development to increase mobility and access were discussed as part of the June 16th Infrastructure and Land Use Exchange.
These funds will be distributed to states, metropolitan planning organizations, and local jurisdictions through formula-based funding and competitive grants. A July 15 Urban Land Article focuses on what ULI members should know about the spending process to ensure that the money makes its way to transportation and infrastructure projects that support an equitable, decarbonized future for the built environment.
In addition to the $590.7 billion, $273.1 billion will be invested in energy, broadband, water, watershed, and coastline infrastructure, as well as other infrastructure programs. This funding builds on the $350 billion in emergency funding for states and local governments and $30.5 billion for public transportation as part of the American Rescue Plan Act of 2021. Historically, about 70 percent of infrastructure funding is nonfederal, meaning these funds will be further leveraged through investment by states, local jurisdictions, and the private sector.
An opportunity exists for ULI members and key partners to identify and promote more equitable and resilient infrastructure investments that create long-term value for both real estate and communities. To help policymakers, real estate developers, and community leaders prioritize and leverage infrastructure investments like federal funding, the ULI Curtis Infrastructure Initiative in 2021 released the report Prioritizing Effective Infrastructure-Led Development, which lays out five key focus areas that the real estate industry and ULI members can address. In those five key areas, the report states that infrastructure should do the following:
- Increase equity and sustainability;
- Invest in public transportation and mobility;
- Combat the global threat of climate change;
- Increase access to the internet; and
- Increase housing affordability and attainability.
In addition, regarding leveraging infrastructure investment, “simply maintaining existing infrastructure without new and restorative investments is not enough to support and create sustainable growth,” says Craig Lewis, global practice leader of planning, landscape, and urban design for CallisonRTKL, and global board chair of the ULI Curtis Infrastructure Initiative. “Nor does it tap into the unique value-enhancing relationship created by the real estate development process between those who build and maintain infrastructure, the developers of buildings, and the end user.”
The ULI Curtis Infrastructure Initiative identifies and promotes forward-looking infrastructure investments that are equitable and resilient and that enhance long-term community value. Click here to read the full article on Urban Land Online.