AASHTO Journal, 30 March 2012
U.S. drivers go through 1.9 billion gallons of gasoline each year and expend more than $100 billion annually in lost fuel and time due to traffic delays, concludes a report from the U.S. Department of Treasury, released last Friday. An annual investment of $85 billion over the next 20 years would be needed to bring highways and bridges up to the level of good repair, according to the report.
The report, which discusses the Obama Administration’s plans for Fiscal Year 2013 to modernize and expand transportation infrastructure nationwide, addresses how increased investment could help alleviate traffic congestion and reduce dependence on foreign oil. That plan calls for an up-front investment of $50 billion tied in with $476 billion for the six-year reauthorization and the establishment of a National Infrastructure Bank. (The Obama Administration’s proposed budget was not approved by the House this week. See related story.) The report also examines how additional federal funding could create jobs and boost the U.S. economy.
“This report highlights the need for critical investment in transportation to help ease the burden on middle-class families trying to make ends meet, create jobs where workers would especially benefit, and also strengthen our competitiveness and support business infrastructure over the long term,” said Treasury Assistant Secretary for Economic Policy Jan Eberly in a statement.
As the report outlines, roads in major need of repair cost the average driver traveling in urban areas more than $400 annually in terms of additional vehicle maintenance. In addition, the average family spends more than $7,600 per year on transportation — more than what it pays for food and more than double the amount expended on out-of-pocket health care costs. As the report likewise highlights, transportation costs absorb one out of every seven dollars of income for 90% of all Americans.
In addition, the report cites one survey that found nearly 19 out of 20 Americans are concerned about transportation infrastructure and 84% support increased investment to address those challenges.
The 36-page report, “A New Economic Analysis of Infrastructure Investment,” is available at 1.usa.gov/transpinvestreport.