The American Society of Civil Engineers recently published a new report making clear the economic necessity of investing in our nation’s infrastructure. The report, entitled Failure to Act: The Economic Impact of Current Investment Trends in Airports, Inland Waterways, and Marine Ports Infrastructure, highlights the broad economic repercussions of failing to invest in our nation’s trading centers.
The report’s economic findings demonstrate the urgent need for significant investment in our aging infrastructure—for our continued productivity, our economic competitiveness and the affordability of the millions of household goods that traverse our ports. An investment of $15.8 billion is needed by 2020, the report finds, to close the funding gap and accommodate trade growth in our marine ports and inland waterways. The stakes are high. If we fail to close the gap, the report estimates cumulative losses of $697 billion in GDP, $1.3 trillion in business sales, $872 billion in disposable personal income, and $270 billion in exports By 2040, these losses reach into the trillions of dollars.
Senator Coons has been an outspoken advocate for infrastructure investment, co-sponsoring legislation such as the Building and Upgrading Infrastructure for Long-Term Development Act,the Rebuild America Jobs Act and the Harbor Maintenance Act that invest in America’s future while providing high wage, high skill jobs for American workers.
The Port of Wilmington plays a critical role in Delaware’s economy, transporting more than five million tons of goods and generating nearly $30 million in state tax revenue each year. The port’s operations provide jobs for 5,000 Delawareans and planned expansions could create up to 75,000 jobs in the region. The Delaware River Deepening Project, slated for completion in 2017, would dredge the Delaware River from a depth of 40 feet to 45 feet, which will attract larger, more efficient cargo ships and increase Wilmington’s competiveness on the Eastern Seaboard. Chris is committed to ensuring its completion and will keep fighting to make sure the Port of Wilmington has the resources it needs to thrive.