America’s P3 Pulse Check

The report card aims to increase conversation among State officials about the use of the P3 model and showcase the role the private sector can play in creating new and improved infrastructure. It arrives at a pivotal moment for American infrastructure. Across the United States, aging transportation systems, water infrastructure, energy grids, airports, and social infrastructure are placing growing pressure on public budgets, with the American Society of Civil Engineers noting in its 2025 Report Card that approximately $9.1 trillion would be required to bring U.S. infrastructure into a state of good repair across sectors such as highways, airports, seaports, and transit. At the same time, institutional investors continue to seek stable, long-duration infrastructure assets. With public funding under pressure and infrastructure needs accelerating, the ability of States to mobilize private capital may become an increasingly important competitive differentiator.

The report card grades all 50 States and selected U.S. territories from “A” to “D” based on several factors, including:

• Established legal framework for P3s
• Presence of dedicated P3 offices or institutional expertise
• Track record of successfully delivering projects
• Depth and consistency of project pipelines
• Government willingness to engage private-sector partners

Below is a brief description of each grade:

1. Grade A: America’s P3 leaders.
   States that received an “A” grade have a good track record of delivering P3 projects and are backed by strong P3 legislation. A common denominator is institutional maturity. California, Florida, Colorado, Georgia, and Maryland all received “A” grades.
2. Grade B: The next wave of opportunity.
   States that received a “B” grade have either strong legislation or notable projects already underway, but still lack the consistency or institutional depth of the “A” grade States that received an “A” grade. For investors and developers, this category may represent some of the most attractive medium-term opportunities. Many of these States have growing infrastructure needs and political momentum, but less crowded procurement landscapes than the mature P3 markets. Arizona, Delaware, Indiana, and Kentucky were among the States that received a “B” grade.
3. Grade C: The middle ground.
   States that received a “C” grade are still experimenting with P3s and include Nevada, Illinois, Oregon, and South Carolina. These are jurisdictions that have some engagement with P3s but have not fully embraced the model.
   
   These States lack broad enabling legislation or centralized procurement expertise. Projects may still move forward on a case-by-case basis, but the absence of a standardized framework can create uncertainty for investors and increase transaction complexity. This matters because infrastructure investors typically value predictability as much as project scale. States with fragmented procurement approaches may struggle to build sustainable pipelines.
4. Grade D: Missing the opportunity.
   States that received a “D” grade have almost no plans to use the P3 model and have little or no P3 legislation. For these States, the implications could extend beyond infrastructure delivery. As competition for private capital intensifies globally, jurisdictions without clear investment frameworks may increasingly fall behind in attracting infrastructure investment. Alaska, Idaho, and Iowa were among the States that received a “D” grade.

The P3 Report Card ultimately functions as more than a scorecard – it is a diagnostic tool for policymakers, investors, contractors, and advisors. For States, the message is straightforward: attracting infrastructure investment requires more than project need. It requires institutional credibility, legal certainty, and repeatable procurement processes. For investors, the report card provides a roadmap for identifying emerging markets and evaluating long-term policy stability. For the broader infrastructure industry, the findings reinforce a growing reality: the future of U.S. infrastructure delivery will increasingly depend on which States can create an environment where public agencies and private capital can work together effectively.

The report card makes one point especially clear: successful P3 markets are not created overnight. They are built through legislation, institutional capacity, consistent procurement, and long-term political commitment. The States that understand that dynamic early may be best positioned to lead the next generation of American infrastructure investment.

The P3 Report Card can be accessed here.

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