The number of public-private partnerships in the United States transportation sector has risen to record levels in recent years and continues to climb, a new study by the U.S. Department of Transportation finds.
"This nationwide trend on the part of state and local governments is further proof that innovative approaches to financing and managing transportation are increasingly attractive compared to traditional tax and spend methods," DOT Secretary Mary Peters said.
The new report found that more transportation public-private partnerships were completed over the past three years than in any other comparable time period in history. It noted that more than 20 major highway and transit projects are currently being conducted in partnership with the private sector at various stages of development.
The report said use of public-private partnerships is rapidly increasing due to a track record of relieving congestion and encouraging infrastructure development, said Peters. Partnerships do this by substituting or adding private capital for fuel tax revenue and helping leaders tap into the more than $400 billion of private capital available globally for investment in infrastructure.
A full copy of the report, Innovation Wave: An Update on the Burgeoning Private Sector Role in U.S. Highway and Transit Infrastructure, can be found at www.fhwa.dot.gov/ppp/dotpppreport071808.doc.
