A $2.3 trillion funding gap will plague the transportation market during the next 20 years. The magnitude of this gap, as reported by the National Surface Transportation Infrastructure Financing Commission, is so large that a single solution is not practical or realistic.
Since innovative thinking will be required to bridge the gap, I was happy to see a recent article titled “Innovative thinking can fund our infrastructure” in The Cincinnati Enquirer.
Innovative funding will be most effective when it is supported with creative financing, refined design standards based on the latest safety research, and creative construction techniques and materials. For example, delivery methods like designer-led/design-build and public private partnerships can be effective solutions to stretch each public dollar.
The need to invest in our transportation infrastructure is critical to the growth of our economy. Still, the need continues to grow in real time, while innovative solutions will take time to implement.
Collaboration is occurring between the private and public sectors in Ohio to resolve our transportation problems. And, a report by the National Surface Transportation Infrastructure Financing Commission identified both immediate and long-term solutions to our transportation funding challenges.
I invite you to read this article and the Commission’s report so you can learn about all options. The more options developed improve the chances that we can successfully address the complex and significant funding gap facing infrastructure.