States, regions and cities across the US continue to seekinnovative approaches and solutions to large-scale capitalprojects, the result of constrained public budgets and a growingrecognition at the local level of the importance of infrastructure.As stated in Infrastructure 2012: Spotlight on Leadership by theUrban Land Institute and Ernst & Young LLP, "Global economiccompetitiveness demands new kinds of regionalentrepreneurship."

The US continues to lag behind its global competitors ininfrastructure funding, but there has also been a marked spendingdecline in Europe, which has been reeling from the debt crisis andis adopting austerity measures as a result of the crisis. In theUnited Kingdom, private finance approaches are under fire at thesame time that fiscal austerity is forcing the country to rethinkinfrastructure priorities. Throughout Europe, depleted treasuriesmake new infrastructure projects look like an unaffordableluxury.

Even emerging nations have applied the brakes. China'saggressive infrastructure building program has been slowing down,along with its economy, and it has scaled back its high-speed-railprogram. Increasing internal debt, water supply and environmentalissues are pressing concerns. Despite spending 8% of its GDP oninfrastructure, India may not be able to keep up with the needs ofits exploding urban population. Brazil, South America's emergingmarket superstar, has ambitious infrastructure development planstied to the 2014 World Cup and 2016 Olympics, but may missdeadlines due to its weakened currency, red tape and otherissues.