New global report from the Urban Land Institute and Ernst & Young highlights the critical role of local and state governments in meeting US infrastructure requirements
ULI PRESS RELEASE SAN DIEGO (May 16, 2013) – State and local governments in the U.S. are leading the way in delivering infrastructure projects against a backdrop of budget constraints and an ongoing lack of consensus about future investments by the federal government, according to Infrastructure 2013: Global Priorities, Global Insights, a joint report from the Urban Land Institute (ULI) and Ernst & Young.
The report points out that state and local governments account for approximately 75 percent of all infrastructure spending, with the remainder supplied by the federal government. However despite this expenditure, infrastructure spending as a percentage of GDP has shrunk to only 2.4 percent from its peak of more than 3 percent during the 1960s.
Infrastructure 2013: Global Priorities, Global Insights highlights a number of key US projects to watch this year: Chicago Union Station – Chicago is considering a makeover of its Union Station as a catalyst for new commercial projects and increased property values that would help finance the renovation.