The global economy is slowing, and central banks and governments are looking for ways to get growth back in gear. At the same time, infrastructure projects are hungry for capital. Emerging markets such as India and China are in the middle of a great construction boom. Roads, bridges, airports and communications networks in the U.S. and in many parts of Europe are in need of an upgrade. It’s a good bet that much of the global stimulus spending will find its way into infrastructure, in what may amount to a modern analog of the U.S. Works Projects Administration of the 1930s. In September the City of Chicago leased management of Midway Airport to investors in a $2.5 billion deal, the largest U.S. airport privatization ever (see story, Taking Midway Private). Investors and banks are lining up to provide advice and capital for such infrastructure deals around the world.
