The $2 billion rebuilding of a bridge in Baltimore serves as a test case for a new national discussion on infrastructure spending.

• The Francis Scott Key Bridge in Baltimore is set to be replaced, with planning already well advanced.
• Officials aim to utilize the process as a chance to revamp the entire infrastructure in the region.
• The 2021 Bipartisan Infrastructure Law has resulted in 54,000 projects and $550 billion in spending, which is a fast-paced version of ongoing conversations in every state.

After the collapse of Baltimore's Francis Scott Key Bridge, which resulted in six fatalities and disrupted transportation along the Eastern Seaboard, officials from various levels launched a massive effort to mitigate the situation.

Maryland Governor Wes Moore stated to CNBC that they are collaborating with construction companies, designers, and the state's residents to consider what they desire for the nearly two-mile long bridge.

Last week, the process of reopening the main navigation channel to the Port of Baltimore, the country's largest port for vehicles, was completed ahead of schedule. Initially, it was predicted that the process would take up to a year.

"We accomplished it in 11 weeks, not 11 months, because we collaborate," Moore stated.

Officials hope to use the disaster as an opportunity to reevaluate all the infrastructure in the region.

Moore stated that this opportunity is crucial for our state to examine our critical infrastructure, including roads, bridges, and tunnels, as they are vital for our economic growth and development.

Reimagining how to rebuild a bridge

The Maryland Transportation Authority has already begun planning to rebuild the bridge using a "Progressive Design-Build Approach," which could allow a new bridge to be constructed in just four years, despite an estimated cost of over $2 billion. Officials hope to select the firms responsible for the project this summer.

The new bridge, according to U.S. Transportation Secretary Pete Buttigieg, will surpass the old one that was constructed in 1977 in terms of quality.

""We now have knowledge about bridge construction that we didn't possess in the 1970s, thanks to the lessons learned from a tragic catastrophe. Although nobody wanted to be here, this event presents an opportunity and a responsibility to ensure a better future," said Buttigieg."

Community meetings have been initiated by transportation planners to obtain public feedback. During a virtual meeting on June 11, inquiries were raised about the new bridge's toll status (yes, it will be) and whether it will be wider than the old four-lane structure (no).

Officials have pledged to conduct an "engagement tour" to gather public feedback as the process progresses.

The reconstruction of the Hanover Street Bridge over the Patapsco River in Baltimore is being expedited in hopes of providing an alternative route for travelers who previously used the Key Bridge.

A microcosm of the national infrastructure push

Buttigieg stated that the situation in Baltimore is a quickened version of processes happening in other states and cities across the country, as he oversees 54,000 projects funded by the Bipartisan Infrastructure Law passed in 2021.

"Our funding supports projects from every state, city, airport authority, and transit agency," he stated.

Although some demand is due to the large sum of money being allocated, it also stems from the necessity.

"The current situation has shown us the importance of our infrastructure, as we experienced the consequences of supply chain disruptions during the beginning of this decade due to Covid."

New economic development battleground

John Boyd, Jr., of The Boyd Company, stated that companies looking to capitalize on the drive to rebuild damaged domestic supply chains are seeking states and localities with proper infrastructure in place. This may explain why infrastructure has become a hot topic in United States economic development.

"Certified site readiness is a crucial factor that distinguishes one market from another, and it could significantly impact a project's success if it is not ready," he stated.

According to a CNBC analysis of all 50 states' economic development marketing materials, infrastructure is the most frequently mentioned attribute by states seeking to attract businesses. Consequently, infrastructure is the highest-weighted category in CNBC's annual state competitiveness rankings, America's Top States for Business.

Experts say the emphasis on infrastructure will likely stick around for a while.

"According to Seth Martindale, chairman of the Site Selectors Guild, building out electrical, water, gas, or wastewater infrastructure is a challenging task that requires time and money. He predicts that it will take at least five to ten years before we can feel confident in our ability to manage these systems effectively."

The Bipartisan Infrastructure Law is halfway through its five-year lifespan, with many needs still unmet.

Buttigieg stated that it's not too early to discuss the next five-year infrastructure package.