How Infrastructure is Hindering Small Business Growth
__________________________Source: U.S. Chamber of Commerce __________________________
Most Americans agree that our roads, bridges, mass transit systems, air and sea ports, and water infrastructure are critical national assets that drive growth, jobs, safety, and global competitiveness.
However, we can't seem to agree on how to pay for badly needed repairs and maintenance. As we debate over infrastructure funding, America's roads, highways and bridges continue to deteriorate, while the public and small business pay the price.
According to the U.S. Chamber of Commerce's Quarterly Small Business Index, crumbling infrastructure is a significant roadblock standing in the way of American small businesses. A majority of the respondents told us that highways and local roads and bridges are critical to the success of their companies. And 62% said that their local surface infrastructure is in average, poor, or very poor quality.
From product damage and vehicle maintenance to employee safety, small business owners are dealing with the day-to-day costs and concerns of stalled infrastructure investment.
The Toll on the American People
It is not just small businesses that are paying the price. The American people have to deal with state of infrastructure in their day-to-day lives.
Did you know...
- By 2025, our crumbling infrastructure will have cost businesses $7 trillion.
- The average American loses 42 hours stuck in traffic each year. That is time that could have been spent watching our children’s soccer games, cooking dinner at home with our spouses, or just binging Game of Thrones.
- Our airports and air traffic control system are so old that we lose $9 billion annually in productivity from flight delays. And it’s not just our airports that are outdated.
- Our interstate highways were developed in the 1960s, and our inland waterways are operating with 100-year-old locks and dams. The toll of our crumbling infrastructure on our citizens is steep and rising still.
The U.S. Chamber of Commerce has taken a four-point approach to funding new infrastructure investment.
- A modest increase in the federal fuel fee.
- Expand financing options, like public-private partnerships, for local communities.
- Streamline the permitting process to get projects off the ground.
- Develop a skilled workforce to build these projects.
Learn more by visiting the U.S. Chamber of Commerce and join us May 13-20 to tell our leaders in Washington and beyond to #BuildForTomorrow.
