Despite the approval of a $305 billion highway and transit by Congress, there is still a long way to go fix the nation's overall infrastructure needs. A recent report by the Center on Budget and Policy Priorities informs us that spending on infrastructure is at a 30-year low with total capital spending as a share of state GDP falling in all but five states and Washington D.C. between 2002 and 2013.
While the $305 billion may originally be viewed positively, the American Society of Civil Engineers 2013 report card showed that the U.S. had infrastructural needs of $3.4 trillion through 2020. Federal and state governments have cut investments in infrastructure or varied how much they are willing to pay for infrastructure needs which could help the overall economy:
The new report, written by senior fellow Elizabeth McNichol, says that reversing the relentless decline in state investment in transportation, public buildings and other forms of vital infrastructure “is the key to creating good jobs and promoting full economic recovery,” especially at a time of improved economic conditions and historically low interest rates.