Infrastructure-Investment Binge Is Set to Continue—With or Without Washington

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The outlook for a sweeping infrastructure bill in the Biden administration is uncertain, but private-sector infrastructure deals and fundraising are humming

, there is uncertainty over whether it would contain provisions to encourage states and cities to partner with private investors, in part because Democrats have historically opposed privatizing public assets.

In 2016, many investors formulated new strategies around the trillion-dollar infrastructure plan that then President-elect Trump was promising, only to be disappointed when it failed to materialize. That experience has tempered enthusiasm this time around. “There’s been a significant hope for infrastructure for half a decade now,” DJ Gribbin, who served as President Trump’s infrastructure adviser, said in an interview. “The problem with infrastructure is that everyone says, ‘I would like infrastructure.’ And then you ask them what they mean by that, and they all have different things in mind.”

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