The author, Senior Fellow Elizabeth C. McNichol warns that neglecting infrastructure has serious consequences for a state’s growth and quality of life. “States must turn their attention back to the type of infrastructure investments that will boost productivity, support business growth, create jobs, provide a healthier environment, and improve opportunities for all of their residents,” McNichol wrote.
(Stay tuned next week for a NC Budget and Tax Center analysis on estimates of the economic impact of the Connect NC Bond Act investments)
The report shows that investment in unmet infrastructure needs will improve North Carolina’s economy now and in the future. Modernizing transportation systems and other infrastructure boosts productivity by supporting businesses and residents, improving the education and job readiness of future workers, and helping communities to thrive. Key infrastructure improvements also will provide immediate job opportunities for Americans who are working less than they would like and making less than it takes to get by. Infrastructure investments typically bring higher wages and better quality of life for years in the future.
States and localities own 90 percent of the nation’s non-defense public infrastructure, so this problem has to be solved here at home in North Carolina. The Connect NC Bond Act is a first step to strengthening North Carolina’s infrastructure for a growing economy.