Public-private partnerships (P3s) create opportunities for innovation and cost savings across the lifecycle of a project. With renewed support for infrastructure development from the incoming administration, the use of P3s in the U.S. is expected to grow significantly in the coming years. On February 7, 2017, Congress reintroduced the Public Buildings Renewal Act (H.R. 960/S. 326), which would open the U.S. buildings market to P3 by creating a tax-exempt bond that state and local governments can pair with private financing to fund public building projects, such as schools and hospitals. I’ll be speaking at an Infrastructure Week briefing on the bill Friday May 18.
In a recent article from AECOM, Samara Barend highlights the need of the US to invest in that nation’s increasing infrastructure needs through public-private partnerships (P3s) to create opportunities for innovation and cost savings.
P3s have catalyzed more than $15 billion in US projects while delivering at least $5 billion in cost savings to taxpayers since 2008 according to InfraAmericas data.
According to the American Society of Civil Engineers, the United States must invest a total of $3.3 trillion by 2025 to meet our nation’s infrastructure needs. The pipeline of projects is impressive, from road and bridge improvements and water-treatment plants, to a growing number of airport enhancements and the increasingly active higher-education sector. The quickest and most effective way to close this gap is with a combination of both public- and private-sector money.