Online sales are projected to increase by 26 percent from last year to $2.4tr worldwide by 2018, adding to the need for infrastructure upgrades to improve a slowing economy, Smith said in prepared testimony before the U.S. House Transportation and Infrastructure Committee.
“We are at a critical crossroad, given the economic challenges that face our nation,’’ Smith said. “If we want to maintain the U.S.’s status as a global economic and policy leader, we must work together on policy and infrastructure solutions that will modernize and drive our economy forward.”
President Donald Trump has promised to repair and upgrade aging roads, bridges, airports and other assets while putting millions of people to work. Trump hasn’t provided details of his plan or how it would be funded, but his advisers have said it could amount to as much as $1tr. Trump, they said, wants to leverage more private capital with a new tax credit or other mechanisms.
Executives' Testimony
Together with Smith, executives from Cargill Inc., BMW of North America, Vermeer Corp. and the AFL-CIO are also scheduled to testify at the hearing on infrastructure needs. Smith, in his prepared testimony, said FedEx and other transport providers need an improved air-traffic control system, updated sea and air ports and well-maintained roadways.
