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May 10, 2016 12:45 PM, EDT

$3.3 Trillion Needed for Infrastructure Over Next Decade, Says Society of Civil Engineers

Nicholas Kaeser/Flickr

An investment of $3.3 trillion is needed over the next 10 years to ensure sound infrastructure nationwide, a report released May 10 by the American Society of Civil Engineers found.

“If we want our economy to thrive then we need to invest in its backbone. Instead we’ve allowed it to live on borrowed time and are paying the price of its inefficiencies every day,” said Greg DiLoreto, past president and chairman of the group’s Committee for America’s Infrastructure.

The group determined that at current funding rates an investment gap on projects from highways and pipelines to airports and waterways will grow to more than $5 trillion by 2040.

ASCE estimates the rate of roadway congestion will continue to increase in the coming years. The flow of truck traffic will increase as well, boosting the case for expanding capacity along freight corridors. As of 2015, estimated deficiencies along surface transportation systems cost households and businesses nearly $147 billion, the report said.

“Increased congestion decreases the reliability of transportation facilities, meaning that travelers are forced to allot more time for trips to assure on-time arrivals,” according to the report. “Facilities in poor condition lead to increases in operating costs for trucks, cars and rail vehicles.”