“To build a major project in the US now takes up to 10 years...Canada does it in two to three years and Germany does it in two.” Adebayo Ogunlesi of Global Infrastructure Partners (which owns Gatwick airport), referring to all the US regulatory hurdles projects have to clear.
Part of the problem, he explains, is that in the US you often have multiple agencies doing the same thing. “For example, the Environmental Protection Agency and the Army Corps of Engineers will, in some instances, both undertake environmental reviews.”
‘In some cases, they either don’t have deadlines to get the job done or ignore them. And when agencies disagree, there’s no mechanism for resolving disputes, so projects get caught in the middle.Then on top of that, you have to layer state and municipal reviews & legal processes’
In mid-April, BlackRock’s Fink said in a television interview: “Fly into London, Zurich or Sydney and you land at a privately owned airport. In the US, by contrast, virtually every major airport is owned by a government entity.”
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