U.S. Mayors Want More Investment in Infrastructure
The economies of the nation’s cities are starting to bounce back from recession and grow again, but state and federal governments need to increase their spending on infrastructure to help that growth continue, according to the U.S. Conference of Mayors.
The report, prepared by IHS Global Insight, forecasts that 300 of the country’s 363 metropolitan areas will experience real economic growth by the end of the year. The total gross metropolitan product grew by 1.7% last year and expanded in 267 metropolitan areas; this year, the report predicts, the average growth of all 363 areas will be just below 1.8%.
Fifty metropolitan areas are expected to have growth rates of 3% or more, led by Austin, Texas, and Houston. More than 100 areas are expected to see growth of 2% or more, including Phoenix, Denver, Boston and San Francisco, according to the report.
But mayors attending the summer meeting in Philadelphia pleaded with federal and state governments, and both presidential candidates, to increase the amount of funding for infrastructure — roads, bridges, water and sewer systems and other transportation investments.
Public spending on infrastructure in the United States has fallen to 2.4% of gross domestic product, the group said, something that needs to be increased in order for growth to continue.