We have a local presence in several metropolitan areas of the United States, where our business development teams continue to explore a number of opportunities for new toll motorway projects.
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After a difficult 2020 due to the COVID-19 pandemic, the US economy strongly rebounded in 2021.
Throughout the year, the level of traffic in the UnitedStates fully recovered to pre-pandemic levels.
Given the limited number of public and private procurement for transport assets in 2021, ROADIS continues to focus its strategy on creating unsolicited proposals for strategic infrastructure assets in the country. A proposal presented in the state of Colorado stands out among them.
In a competitive environment, ROADIS keeps a disciplined commitment to the US market, as it seeks to complete its first investment in the United States. We continue to strengthen our relationships with public authorities in key markets such as California, Colorado, Florida, Georgia, Pennsylvania, and Virginia.
At the same time, we keep an eye on private auctions of operational assets and public and private transport tenders throughout the territory. Additionally, ROADIS expects secondary investment opportunities to emerge in 2022.
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In addition to the Infrastructure Investment and Jobs Act, in 2021 the Biden administration also approved a third $1.9 trillion stimulus package to support the country in its recovery from the COVID-19 pandemic.
The United States has shown a strong economic recovery with a 6.0% increase in real GDP and 7% inflation (average annual CPI).
However, inflationary pressures remain a major problem in the UnitedStates with continued supply chain disruptions combined with geopolitical instability. Inflation is driving up project costs, which may result in investment opportunities for the private sector, that could contribute its expertise in the management of such risks.
In response to this uncertainty, the Federal Reserve Bank of the UnitedStates expected to increase its federal funds rate to reduce the inflation acceleration.
Although the short-term economic scenario remains uncertain, the infrastructure sector is poised to continue demonstrating its fundamental resilience and is well positioned to weather the volatility in the long term.
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In November 2021 the United States Congress passed historic bipartisan infrastructure legislation, the Infrastructure Investment and Jobs Act (“IIJA”).
The IIJA represents approximately $1.2 trillion of infrastructure investment for the next 10 years with the goal of modernising our roads, bridges, transit, rail, ports, airports, broadband, and potable water & wastewater infrastructures.
Public-private partnerships (P3) continue to be a complementary approach to the implementation of alternative projects in the United States’ transport and social infrastructure sectors, leveraging private sector capital and giving public sector issuers options to finance large-scale projects. However, some projects failed or had problems with risk allocation between the public and private sectors, leading some developers to abandon the U.S. P3 market, potentially hampering its future growth.
Most states continue to explore renovation and improvement of current infrastructure, including expanding toll roads and managed lanes to address congestion issues within their communities.
New technologies, including connected and autonomous vehicles, mobility, and carpooling technology, will act as a disruptive force for traditional land transport. These technologies can also have a direct impact on future driving and mobility patterns.
Several states have started the year by launching P3 hires that were initially delayed due to the pandemic. States like Georgia, Louisiana, Pennsylvania, and potentially Virginia have ongoing P3 transportation contracts ready to be released.
