Looking forward to prosperity
It’s been a busy year, and a very good year for the US economy. In fact, according to RSM, over the past eight quarters, the American economy has grown at an annualized 2.9%. This performance is striking in comparison to other countries. For example, the EU’s growth during this same period was just 1.9%. The biggest economy in the EU is Germany, and its economy shrunk by 2% during the same period[1].
Infrastructure investment drives prosperity
One of the key drivers of the booming economy is the national investment in infrastructure. Public spending on infrastructure tends to stimulate private investment as well, compounding the economic impact. Of course, it takes a while for major infrastructure projects to get underway and begin generating jobs. So far, more than 16 million new jobs have been created, including 1.7 million construction and manufacturing jobs – with construction employment at a record high since data collection started in 1939[2]. The future looks even brighter, because so far, only 80% of the money allocated by the infrastructure bill of 2021 has not yet been allocated.
We definitely need investment in infrastructure – according to the American Society of Civil Engineers (ASCE), the nation’s infrastructure a earned a “C-,” up from a “D+” in 2017 (the highest grade in twenty years). Nevertheless, ASCE pointed out an “infrastructure investment gap” of nearly $2.6 trillion this decade that, if unaddressed, could cost the United States $10 trillion in lost gross domestic product (GDP) by 2039.[3]
Upgrading outdated infrastructure removes a significant drag on the economy.
“A 2018 study by transportation analytics firm Inrix found that delays caused by traffic congestion alone cost the economy over $87 billion that year. Airports are another linchpin: U.S. civil aviation directly supports 2.5 million U.S. jobs, and international tourism brings in up to $180 billion dollars in annual tax revenue. However, flight delays cost the U.S. economy billions of dollars each year, including $33 billion in 2019, according to the Federal Aviation Administration.”[3]
What effect will the new administration have on the money not already allocated? Reports that some “claw-backs” have been discussed -- but this would require a full or partial repeal of the Infrastructure Act, which is unlikely.[4]
The future looks bright for surveyors and AEC firms
Surveyors play a crucial role in a range of infrastructure industries by providing essential services related to land measurement, mapping, and boundary delineation.
AEC firms are key in infrastructure projects. Architects and engineers rely on land surveyors to gather precise data about the landscape, existing structures, and environmental factors. Surveyors provide essential information that informs the design and construction of buildings, roads, bridges, and infrastructure projects. They ensure that the proposed structures are positioned correctly, considering factors such as elevation, slope, and land stability. Then the civil engineers and architects can move forward with planning and execution of the project.
Government bodies and municipalities use land surveying services including urban planning, land-use zoning, and infrastructure development projects. They map out new roads, utility lines, and public spaces, and also survey public land for conservation, land management, or other purposes[5].
Renewable energy projects are being funded at unprecedented levels, and AEC firms and surveyors are in demand. Locating the land and developing the site for renewable energy projects are top priorities. Many of these projects will be approved when a piece of land is locked down. Comprehensive surveying services generally include permitting for a project, which may need special ACT 250 or national resource permits – and also any applicable state, county and local permitting requirements. This is in addition to the groundwork and preparation work, such as initial site layout, grading of the work site and certification that the property is ready for new construction.[6]
The future is bright
Surveying and AEC firms can expect a bright future creating a stronger infrastructure and a booming economy. Through it all, Berntsen will be here, serving customers as we have for more than 50 years. We truly appreciate the trust our customers place in us to deliver the best products and service in the industry. From rugged cold-forged metal survey markers to drone targets and prisms, to RFID-enabled asset tracking, Berntsen works to anticipate and provide the products that make every project better. We look forward to serving you in the new year and beyond.