Did you know infrastructure spending is more effective than many forms of tax cuts at boosting jobs growth.
According to data from Moody’s Analytics infrastructure investment returns more to the economy than tax cuts. Will New York be ready to invest in its infrastructure when and if public resources become available? New York’s infrastructure needs are well documented. Bridge and road conditions are worsening, sewer and storm systems are failing and you only need to ride the subways to know about the desperate need to replace New York City Transit’s signal system. Budget cuts and reduced federal dollars have resulted in a dramatic reduction in design work. Indeed construction starts are down 38% from the first six months last year and 350% from the peak in 2007. If we fail to design critically needed infrastructure projects then there will be nothing to build when funding becomes available and the economic value of infrastructure spending will be impacted. There is a clear economic need to repair our roads, bridges, transit and water systems. The cost and regional impact will only worsen if we fail to take action now.