Jim Burnley quoted in Traffic World article about private funding for infrastructure development

1 min

A November 3, 2008 article in Traffic World about the credit squeeze's impact on infrastructure development featured a quote from Jim Burnley, a partner in the DC office and former Secretary of Transportation under President Ronald Reagan.

A sharp reduction in driving has reduced gasoline consumption and cut revenue for highway development projects. While gas taxes are currently the primary source of funding for road and transit improvements, some transportation watchers hoped for an infusion of private investment to fund badly needed infrastructure development.

Burnley was quoted in the article saying billions in private capital that could have gone to transportation projects is now gone due to the global credit market meltdown. "That's gone. That's off the table," said Burnley. "Maybe 100 billion of that is still out there."