For this purpose, we have strengthened relations with public authorities in some states identified as key markets for ROADIS: California, Colorado and Florida. We are also closely monitoring the potential public-private partnership opportunities being developed in California, Maryland and Georgia. .
The United States is the biggest economy in the world, above China. The economy grew 2.4% in 2019—compared to 2.9% in 2018.
The country is facing significant challenges such as growing social inequality and a large amount of outdated infrastructure, which affects the potential growth of its GDP. The trade war between the United States and China seems to be affecting investors and the economy as a whole. President Trump implemented trade protectionism measures through tariffs applied to Chinese imports, even though a partial trade agreement was announced in December 2019.
Public debt grew 5.6% in 2019, 111.8% above the total GDP. The United States fiscal deficit reached 6.3% in 2019, and it was expected to stabilise in the coming years until the COVID-19 crisis occurred. President Trump's fiscal reforms have affected the deficit since 2018, generating an upward trend for debt. Economists believe that the Government will continue to increase expenditure. Phillip Swagel, director of the Congressional Budget Office, predicts that the deficit will reach historic levels, with figures not seen since World War II. According to the United States Bureau of Labor Statistics, the consumer price index increased 2% in December 2019, with higher energy prices and a slower increase in food.
The unemployment rate fell from 3.9% to 3.7% in 2019, a situation similar to full employment. Again, the forecasts regarding debt, the deficit and employment have become outdated as the country is tackling the consequences of the health emergency.
According to the American Society of Civil Engineers (ASCE), the investment funding deficit in the USA will exceed 2 trillion dollars over the next 10 years.
In April 2019, a bipartisan agreement was announced to address the funding gap, with a $2 trillion infrastructure plan to improve the nation's roads, railways, bridges, electricity networks, water and broadband.
However, the agreement did not progress due to the lack of consensus on the funding approach. At the start of the year, President Trump outlined a new $1 trillion infrastructure plan to improve roads, railways, water systems and other infrastructures, relying entirely on federal funding.
Federal funding is a key source of funding for states and local governments. Although in recent times, state and local governments have sought other funding options. Approximately 34 states have taken measures to collect revenue, or reassign existing resources for transportation, since 2013. In 2019, new and recurring transport investments approved at the ballot box by state and local voters amounted to $9.6 billion.
Public-Private Partnerships (P3) continue to be an additional method to carry out alternative projects in the transportation and social infrastructure sectors in the United States, since they enjoy private sector capital and offer options to public sector issuers to fund major projects.
However, some projects have failed or experienced risk allocation problems between the public and private sectors, which has led some sponsors to abandon the P3 market in the United States, which could hamper future growth.
More than 40 states have enacted statutes to authorize the use of public-private partnerships for transport projects.
Most of these states are currently exploring the extension of toll and managed lanes roads in order to address problems of congestion in their communities. In addition, major cities, such as New York, Los Angeles or San Francisco, are promoting innovative initiatives to better manage congestion and expand the mobility options for their residents.
The managed lanes and congestion pricing sector is young and growing rapidly. There are twice as many operational projects as four years ago. Over the next year, it is expected that several managed lanes projects in California, Colorado, North Carolina and Texas will be completed.
New technologies, including autonomous vehicles and vehicle sharing technology, will act as a disruptive force in land transport, with a direct impact on driving and mobility patterns. Across the country, 199,147 miles of main roads (19.4%) are in poor or mediocre condition, needing to be repaved or receive substantial repairs. In addition, 47,052 (7.6%) of the nation's 616,086 bridges are structurally deficient. This means that these bridges are safe to use but require significant repair or maintenance to remain in service.
• $62 billion in investment in federal roads and public transport
• 305 measures to encourage investment in state and local transport tracked by the Transport Investment Defence Centre.
