Lack of funds represents largest hurdle to infrastructure development: KPMG

Despite stimulus spending, public sector executives cite lack of funds as the largest hurdle to infrastructure development, KPMG reports.
In its third instalment of a series on global infrastructure surveys, KPMG commissioned the Economist Intelligence Unit to survey 392 senior public sector officials involved in infrastructure policy, procurement or development.
Respondents came from 50 countries and territories around the world. Thirty-two per cent of those were from North America.
Seventy per cent of North American respondents said lack of funds remains the largest obstacle to infrastructure development, compared to 56% of their global peers.
Other obstacles identified by this group of respondents include:
•    82% believe that government effectiveness is a significant barrier;
•    47% cited slow approval process for stimulus funds;
•    38% said the politicization of project priorities are impediments; and
•    21% believe a lack of a sense of urgency and inadequate understanding of the severity of the issue exist.
Of the total pool of respondents, 65% of public officials, 80% of business executives and 36% of infrastructure providers said governments should work more closely with the private sector to improve the infrastructure delivery process.
By 2027, The Canadian Council for Public-Private Partnerships estimates that the infrastructure investment deficit will reach roughly $120 billion.
Insurance Bureau of Canada, the Institute for Catastrophic Loss Reduction and many insurers point to Canada’s aging infrastructure as a primary reason for the rising severity of claims.