Infrastructure Improvements in President Obama's Jobs Act Supported by Urban Land Institute

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Last week President Obama's announced on national TV his new $447 billion dollar Jobs Act initiative to stimulate job creation in the U.S.

One key component of the Jobs Act is to refocus the Government's attention on improving decaying infrastructure (roads, bridges, schools, etc...) which could potentially put over several hundred thousand people back to work, some analyst say.

A big supporter of infrastructure improvement is Washington DC-based Urban Land Institute (ULI), a 501(c) (3) nonprofit research and education organization that consist mainly of property developers and related service providers worldwide.

Founded in 1936, the Institute now has members in 95 countries worldwide, representing the entire spectrum of land use and real estate development disciplines working in private enterprise and public service.

Urban Land Institute's CEO Patrick L. Phillips commented, "A commitment to infrastructure is far more than a jobs-making program to jumpstart the economy. A commitment to infrastructure is a commitment to equip America's communities to be among the world's finest in which to live, work and learn."

Phillips further told the World Property Channel the American Jobs Act proposed by President Obama highlights the key contribution our urban areas make to the nation's overall prosperity and global competitiveness. In particular, this is reflected in the president's call for increased infrastructure support, which is a pressing need in communities throughout America.

The ULI recognizes the great job-generating potential of investments in infrastructure, including transportation and education systems. Our communities need road and bridge repairs, transit alternatives, safe routes for biking and walking, school improvements and new schools. And, our nation's unemployed and underemployed need to work. However, a commitment to infrastructure is far more than a jobs-making program to jumpstart the economy. The greater impact of infrastructure investment is this: We are creating better cities for people, not just cars. We are equipping America's communities to be among the world's finest in which to live, work and learn.

For decades, the United States has lagged far behind Asia and most of Europe in investing in infrastructure, perhaps most notably in transportation systems. In this regard, our nation has become more of a follower than a world leader. This investment shortfall is well documented in the Infrastructure research report series published annually by ULI and Ernst & Young.

Phillips commented, "We must do better, and the proposals from President Obama are a sign that we can do better. We are especially encouraged by the Administration's support for a new infrastructure funding system. One alternative system long supported by ULI is the creation of a national infrastructure bank that would leverage public funds to attract private investment in projects that improve the livability and connectivity of our nation's communities. In this era of tight budgets and tough spending choices, our cities, urban regions and states would benefit from a new approach to both project funding and the types of projects funded.

For years, other countries have developed best practices in leveraging public financing; we should learn from their success and update our thinking in this regard. Relying on old formulas and funding distribution methods will not produce the infrastructure upgrades America needs. Rather, it will hamper progress."

The United States is an increasingly urban nation. Economic, environmental and demographic factors compel us to develop communities in a way that conserves land and energy. Providing adequate infrastructure is integral to meeting this challenge. We need a renewed commitment to infrastructure as a core component of resilient communities and long-term economic prosperity." Concluded Phillips.

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