|U.S. businesses warn crumbling infrastructure is hurting the economy |
Business executives warn that an under-developed infrastructure is holding America back economically. A new survey by RSM of middle-market executives, conducted in partnership with the U.S. Chamber of Commerce, found that 63% of respondents say that an aging infrastructure is restricting growth of the national economy. When asked about 21 specific initiatives, such as improving interstate highways, bridges, ports and railways, at least 63% of executives said those improvements would have minor, moderate or significant benefits to their company's day-to-day operations. There was even stronger support for modernizing certain elements of infrastructure: telecom network security (95%), local roads or highways (94%), telecom networks such 5G (94%) and the energy grid (90%). "The middle market is signaling to the political authority that we need to improve overall efficiency and productivity because the roads, bridges, waterways and conditions of broadband technology are holding us back," said RSM chief economist Joe Brusuelas. "We need to invest in the future." The findings come as President Joe Biden works to convince Republicans in Washington to support his $2tn American Jobs Plan that would aim to modernize roads, bridges and broadband and invest in clean energy.