Our roadways and highways are a critical component to moving both people and goods, carrying 72% or nearly $17 trillion of the nation’s goods—and in many cases these roads are failing us. Growing wear and tear on our nation’s roads has left 43% of our public roadways in poor or mediocre condition, a number that has remained stagnant in the past several years, according to the ASCE (American Society of Civil Engineers).
As I have talked about before in the column, the most recent Infrastructure Report Card, the ASCE gave our roads a grade of a “D.” We all recognize a grade of this nature is simply costing both time and money, with motorists spending a ridiculous $130 billion each year on extra vehicle repairs and operating costs. Even more troubling is that the number of vehicle miles traveled on roads in “poor” condition has soared from 15% to more than 17% over the last decade. This is a safety concern for many at this point.
To address this, federal, state, and local governments must prioritize investment and contractors will need to find the best workers to preserve and rebuild numerous roadways. This is the only way we will build a better and safer tomorrow. The good news is we are beginning to see some progress being made.
The North Carolina Turnpike Authority for Phase 2 of the Complete 540 Project around the greater Raleigh area is a good example of at least a little progress that is being made. The $1.3 billion Phase 2 project is pretty inclusive including six interchanges, 24 bridges, and 14 culverts.
The project’s objective is to connect Phase 1’s 17.1-mile development currently under construction and it aims to improve local mobility. Another objective here is to improve safety by providing an additional evacuation route from the coastlines in case of emergencies. I love that contingency plan!
The Triangle Expressway extension will mirror the existing Triangle Expressway as a 70 mph, six-lane all-electronic toll facility. Construction on the Phase 2 project is anticipated to be completed in 2028—and the venture recently just received a new infusion of funds from the U.S. Dept. of Transportation.
The Build America Bureau has approved a loan for up to $417.2 million for the North Carolina Turnpike Authority for Phase 2. By providing TIFIA (Transportation Infrastructure Finance and Innovation Act) loans and other financing, the Bureau helps expedite infrastructure projects.
Of course, this is only one example. The U.S. Dept. of Transportation has closed $40.2 billion in TIFIA financings, supporting more than $137.4 billion in infrastructure investment across the country.
Progress on our roadways and other infrastructure is certainly being made. Will it be enough to raise our grade to an acceptable level? We will have to wait another year for the next official ASCE Infrastructure Report Card to come out, but my hunch is the grade might go up, if just ever so slightly. But we cannot let up on our efforts to secure a better future. What are your thoughts?
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