As destructive and difficult as this pandemic is, one positive outcome may be a rare opportunity to reexamine many aspects of our economic and social lives, and to reassess outdated policies. Just as timing is critical for achieving orbit in space, this may be the window to finally implement a plan for national infrastructure investment.
President Trump has always favored rebuilding infrastructure, and for a moment last week House Speaker Pelosi said it should be part of an upcoming Phase Four of the Coronavirus relief bill. However, she has since stated that it may have to wait for a fifth relief bill.
If we do achieve a $2 trillion infrastructure plan – either through a broader stimulus or a separate bill, the pandemic experience may influence priorities. Some experts believe that hospitals, telecommunications, energy and utilities may be the initial recipients. Construction and building materials’ companies will benefit from this increased economic investment.
While finally tackling our decades-long backlog of seriously deficient infrastructure would be enormously beneficial to our country, federal and state governments will have to ensure that our regulatory environment is conducive and helpful. We need our policymakers to support and promote regulatory certainty, decreased duplication, and streamlined permitting and approvals.
If not now, when?