Domestic GDP would increase 1.3 percent by 2020 and 2.9 percent by 2030 if public and private sources focused on a “targeted and long-term increase in public infrastructure investments,” according to a study commissioned by the National Association of Manufacturers.
Other benefits include the addition of 1.3 million jobs over the next 15 years; an economy that will become more productive, returning $3 on every $1 invested; and an increase in take-home pay for the average citizen.
The University of Maryland’s Inforum conducted the study.
“The United States is stuck in a decade-long period of decline that will eventually harm job creation, future productivity and our ability to compete head-to-head with companies all over the globe,” Jay Timmons, NAM’s president and chief executive officer, said in a statement. “As we sit idle, our competitors are churning out investments in their infrastructure. As this study demonstrates, substantial economic benefits result from a targeted and long-term increase in public infrastructure investments from public and private sources.”
Inforum’s executive director, Jeffrey Werling, suggested that the study shows the current level of infrastructure investment is not enough.
“We know that well-planned infrastructure investments can provide high, long-term returns to investment, and they can also boost jobs and growth in the short term,” he stated. “It is time to cut through the political smoke and mirrors to make a commitment to stronger and smarter infrastructure investment.”