AECOM’s has released a report on the challenges of global infrastructure, which has seen respondents highlight concerns about funding and lack of evolution as reasons why progress is hampered.
The multinational engineering company has compiled the findings in its inaugural report, The Future of Infrastructure, which has data and opinions from more than 500 key decision makers in major companies throughout the world.
Respondents are from North America, Europe and the Asia-Pacific regions.
The key point reported by AECOM is the vast majority of respondents believe it is a crucial time for the infrastructure industry.
More than two thirds of those who responded to the survey (67%) believe that infrastructure isn’t evolving fast enough to keep up with the changing needs of society, while 39% said that funding is a problem, and lack of public funding is a key reason why civil infrastructure cannot and is not keeping up with society’s needs.
Against this backdrop is the view of 82% of respondents who say that adequate investment in infrastructure is vital for national prosperity – something that is apparent with the commitment to road and railway projects throughout the UK.
The survey from AECOM suggests a number of findings that could help to ensure that infrastructure in the future keeps up with the needs of society; a rethink on project design and delivery has been suggested, with connected expertise seen as key.
Elsewhere, respondents believe a change in legislation and innovative funding models are vital in order to remove obstacles, which in turn will allow public sector projects to gain better access to private sector financing.
Respondents were emphatic about this, with 90% suggesting innovative funding models are effective in bridging the funding gap.
Michael S. Burke, AECOM Chairman and Chief Executive Officer, explained why quality infrastructure is beneficial.
“Our report makes clear that by focusing the smartest minds, training and deploying more skilled workers, and leveraging new digital tools, we can come together to deliver a better future through infrastructure.
“The potential offered by high quality infrastructure is transformative, and getting it right is everyone’s business.”