Public Private Partnerships Can Create Millions of CA Jobs, Fix Infrastructure
Ramping up California’s use of public-private partnerships to help fund and construct major infrastructure projects could create millions of jobs, save taxpayers millions of dollars and speed up delivery of projects, according to a report the Bay Area Council Economic Institute released this week. The report pegs the cost of California’s unfunded infrastructure needs at up to $737 billion and possibly as much as $765 billion. Using public-private partnerships to generate $250 billion in infrastructure investment could create 1.7 million direct jobs – or 3.4 million total jobs — while investments of $500 billion and $750 billion could create up to 3.3 million and 5.5 million direct jobs, respectively, over 10 years. According to the report, however, California lacks the policies, procedures and practices necessary for government to make broader and effective use of public-private partnerships. The report offers nine recommendations for incorporating public-private partnerships into the state’s toolbox of methods for funding and building infrastructure, including roads, highways, schools, hospitals and other public facilities.
Read the full report: Accelerating Job Creation in California Through Infrastructure Investment: Opportunities for Infrastructure Asset Formation and Job Creation Using Public-Private Partnership Procurement Methods