7. Moving forward
It is evident that the sooner steps are taken to repair, maintain, and rehabilitate existing roads, bridges, waterways, and transit, the lower lifetime costs of the asset will be. As noted in Table 2, there are additional significant benefits through lifecycle asset management. Yet, in the face of short-term political realities, the public sector too often lacks both the capability to realize the full benefits of lifecycle asset management and the patience to stick to its principles except as a contract administration tool. Consequently, U.S. government leaders must provide inducements for state and regional political figures and agencies to make infrastructure decisions and take actions they might otherwise defer. Private sector involvement in the development, financing, and preservation of highway infrastructure may be the primary driver for using asset management principles, practices, and tools to guide the costeffective stewardship of critical infrastructure. In a carefully crafted long-term concession contract for infrastructure development, operations, maintenance, and preservation incentives are aligned properly.Theconcessionairehas theultimate incentive to preserve the asset in a state of good repair and return the asset in the same condition in which it was delivered for operation. Failure to do so means the concessionaire does not get paid. The necessary incentives for long-term asset management can be realized through a long-term concession contract between a public-sector sponsor/agency and a private-sector service provider/concessionaire. Front-end financing of infrastructure development through public-sector availability payments or bonds can provide additional incentives to attract private-sector commitment to a long-term preservation-based concession involving lifecycle asset management approaches and systems. The growing willingness of the private sector to enter into partnerships with the public sector to expedite the development or expansion of needed infrastructure offers an important opportunity.