Special Briefing on State and Local Infrastructure Spending Cutbacks Amid the COVID-19 Recession

As governments look to balance budgets amid the stress of the COVID-19 pandemic and recession, panelists discuss potential further steps such as delayed infrastructure projects that may be seen barring any further passage of federal relief funding. With states and municipalities providing an estimated 80 percent of US public infrastructure investment, the panel also discusses how the slowdown on such projects may affect the economy, jobs, and the municipal market. 

This special briefing features a panel of experts, including Alison Premo Black, PhD, senior vice president and chief economist for the American Road & Transportation Builders Association (ARTBA); Norman E. Brown, nonvoting member, Metropolitan Transportation Authority Board of Directors and legislative director, New York State Council of Machinists; Howard Cure, director of municipal bond research, Evercore Wealth Management; Robert Poole, director of transportation Policy and Searle Freedom Trust Transportation Fellow, Reason Foundation. 

Notable Quotes: “One thing to really keep an eye on is the situation with federal investment. The Fast Act ended on September 30th, but federal investment accounts for about half of all state highway program capital outlays.” - Alison Premo Black

 “Finally, I think the idea of bringing private capital more into infrastructure in the US, through long-term P3s, has the potential to be bipartisan.” - Robert Poole 

“In some ways, the MTA is a victim of its own success.” - Howard Cure 

“In the age of COVID, having a system that relies so heavily on farebox recovery, dictates a system that is full of crowded trains.” - Norman Brown 

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Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.