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How Infrastructure Investments Support the U.S. Economy:
Employment, Productivity and Growth
JANUARY 2009
James Heintz
Associate Research Professor
Associate Director
Robert Pollin
Professor of Economics Co-Director
Heidi Garrett-Peltier
Research Assistant
Political Economy Research Institute
INFRASTRUCTURE INVESTMENTS AND THE U.S. ECONOMY
Summary of Main Findings
The United States system of civilian public infrastructure has deteriorated badly over the past
generation. The breaching of New Orleans’ water levees in 2005 in the wake of Hurricane
Katrina and the collapse of the I-35W bridge in Minneapolis in 2007 offered tragic testimony
to this long-acknowledged but still neglected reality.
After this generation of neglect, the project of rebuilding our infrastructure now needs to be
embraced as a first-tier economic policy priority, and not simply to prevent repetitions of the
disasters in New Orleans and Minneapolis. The more general point is that infrastructure
investments are essential for the functioning of the U.S. economy. According to the U.S.
Bureau of Economic Analysis, total public assets, excluding defense, were valued at $8.2
trillion in 2007. This represents approximately 50 percent of the stock of all non-residential
private assets—a formidable asset base which underpins the national economy.
Core economic infrastructure—in the areas of energy, transportation, and water and
sewerage—is particularly important in maintaining economic performance. However, the
rate of public investment in these core areas began falling in the 1970s and has not returned
to its previous levels since then. As an average since 1980, the growth of infrastructure
investment has lagged behind overall economic growth. The result has been a worsening
infrastructure deficit and mounting investment needs.
With the rapid deterioration of economi
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