The need for infrastructure spending in the United States has been well documented and observable for some time.
In its most recent assessment of the country’s infrastructure, the American Society of Civil Engineers graded the country’s infrastructure with a C-, which was actually an increase from its prior score of D+ and the highest rating in 20 years.1 Infrastructure needs across America span the spectrum of real asset types and ambitions – ranging from schools to energy and from safety-driven deferred maintenance to carbonreducing innovations – and together they constitute a comprehensive call to action. In response, the federal government has passed legislation to approve multiple spending packages including the Infrastructure Investment and Jobs Act (“IIJA”) of 2021 and the Inflation Reduction Act (“IRA”) of 2022. Portions of the funds made available from the government are expected to be used towards renovating real assets that serve municipality, university, school, and hospital (“MUSH”) users across the country. Specifically, buildings across US higher education institutions are estimated to require as much as $133 per square foot in deferred maintenance and targeted spending.
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