SIGNS OF THE TIMES

Sen discusses the increasing number of big-budget infrastructure projects in the US as well as the risk of costly overuns and delays. Infrastructure drives the global economy. It encompasses investments in underlying networks and services ranging from transport, energy and utilities, military, and nuclear projects to digital programs, building improvements, and even space programs. Urbanization, population growth, economic expansion, and the transition to a climate-friendly environment have resulted in unprecedented growth in demand for infrastructure assets. A McKinsey and Co. article published in early 2022 estimates that $130 trillion will flow into capital projects by 2027 to decarbonize and renew critical infrastructure. A prominent example is the 2021 US bipartisan infrastructure law that will spend $1 trillion on projects such as roads, airports, and electric vehicle technology.