U.S. Cities Face $1 Trillion Infrastructure Replacement Obligation: Infrastructure & Capital Assets Commitment Burden

Investortools, a leading provider of fixed-income investment management and credit analysis solutions, today released a new research paper identifying an estimated $1.03 trillion Infrastructure & Capital Asset Burden (ICA Burden) facing U.S. cities. 

Key Findings

• U.S. cities face an estimated $1.03 trillion ICA Burden
• Large legacy cities tend to carry the largest relative burdens, while faster growing cities show lower levels of capital asset depletion
• The ICA Burden is 2.6x the total direct debt for U.S. cities ($390 billion) and 4.1x the total unfunded pension liability shared across all single‑employer, agent, and multiple‑employer plans ($255 billion)
• The ICA Burden is 1.8x the total municipal bond issuance in 2025 for all types of tax-exempt bonds ($579.9 billion)

To access the full report, click here