When it comes to infrastructure, Americans have a daunting “to-do” list.
The U.S. must spend an estimated $3.6 trillion by 2020 to ensure our highways, water mains, electrical grids, and other critical infrastructure continue to meet our needs, according to a report by the American Society for Civil Engineers.
Insufficient infrastructure spending can hurt the economy, as aging highways and bridges, crowded airports, and overburdened public transit slows the flow of goods, services, and people.
But our policy makers have a finite amount of money to spend on transportation. We want to invest limited resources wisely, to make sure we’re prioritizing construction projects that offer the greatest economic benefits.
That’s where economic policy modeling makes a difference. By simulating the future impacts on jobs, productivity and output, we can better evaluate the potential benefits from transportation proposals.
REMI Vice President Billy Leung gave a webinar presentation this topic, reviewing how to rank the viability of investment strategies using dynamic economic modeling. You can find a recording of the presentation here.