Top 100 Projects

TOP 100 INFRASTRUCTURE PROJECTS
I N T H E U N I T E D S TAT E S
FOR STERNE AGEE & CLIENTS
FOR STERNE AGEE & CLIENTS
Major projects in strategic countries provide surgical intel-

ligence about the state of infrastructure in those countries,
including companies that are winners, backlogs, the ability
to realize - on time and on budget - other priority projects,
and especially local firms that may have the capacity to go
global
Infrastructure Sector Report

May 12, 2009
1
& logistics, natural gas facilities, water/wastewater,
Top 100 United States etc. - largely designed 50 years ago, and in need of
Infrastructure Projects strategic upgrading and modernization. These pro-
jects were selected based on their ability to knit to-
Building Long-term Assets gether what we already have, making it work better.
CG/LA recently recently a list of the Top 100 infrastruc- Of our 100 projects, 47 fall into this category - 17
ture projects in the US. This list is focused on those surface transportation projects; 7 projects in ports &
projects that will generate long-term increased competi- logistics; 4 projects in ‘traditional’ electricity genera-
tiveness in the US economy. We used three filters: tion; 9 projects in natural gas; and 14 projects in
water/wastewater.
Strong likelihood that the project will go forward in the
Total value to be invested: $158.8 billion
next 12 months;
Capacity to serve as critical as building blocks for US TOP “COMPETITIVENESS” VA L U E / Y R

competitiveness going forward; and PROJECTS
Strong relevance to the Obama government’s ‘connect 1. California High Speed Rail $45 B
the dots’ infrastructure priorities.
2. Midwest High Speed Rail $20 B
You will find the list at the end of this Report, sorted
by (a) sector, (b) $US value, and (c) US State. 3. I-69 TransTexas Corridor $30 B
* * * 4. Chicago CREATE $2.5 B
Three Basic Classes of Infrastructure; Going Forward: 5. Electric Freight Rail $20 B
1. Smart Grid as the Operating System - The entire 6. Green Power Express $12 B
Obama strategy relies on the Smart Grid, what War-
ren Buffett calls the single most important invest- 7. US Waterway Modern $10 B
ment in the US economy going forward. Of our 100
8. I-81 Steel Wheel Interstate $8 B
projects, 14 are directly related to the Smart Grid,
including 6 major transmission projects and 8 re-
9. Zephyr Transmission $3 B
newable energy projects.
Total value to be invested: $43.4 billion 10. Milwaukee Water Tech. $50 MM
2. “New” Infrastructure - This is the infrastructure

meant to serve as the building block - both in terms Overall 46 projects are initially valued at $1 billion or
of finance and physical capacity creation - for a more (15 of the projects are valued at $10 billion or
newly competitive US economy. These projects are greater). Projects of this size tend to have cost overruns
largely carbon neutral, electricity rather than liquids averaging in the 30% range -- cost overruns are higher
powered. Of our 100 projects, fully 25 fall into this in the US than in Europe (in China it is unclear).
category - 6 high speed rail projects; 18 urban mass
On the employment side, the Top 100 projects would
transit projects; and the electric freight rail project.
generate nearly 10 million jobs, roughly 2 million jobs
Total value to be invested: $163.8 billion
per year (in the 2010-2014 period). High speed rail
Note: CG/LA is hosting the California High Speed Rail would generate very large numbers of direct and indi-
Commission on a fact-finding visit to Spain beginning on rect jobs, more than 2 million of the total.
May 17th. PBS is filming the visit, as part of a new docu-
mentary on US Infrastructure, to be released at the North Three Predictions going Forward:
American Strategic Infrastructure Leadership Forum.
1. Job Creation: This is a category that has not been
analyzed with any intelligence. Continuing with the
3. Traditional Infrastructure - This includes what we
high speed train example, there are a large number
normally think of as infrastructure - highways, ports
! I n f r a s t r u c t u r e S e c t o r R e p o r t : P r o j e c t s d e r i v e d f r o m C G / L A’ s P r o p r i e t a r y P r o j e c t D a t a b a s e
M a y, 2 0 0 9
1
of indirect jobs that will need to be created includ- metric for accessibility, only New York and Boston
ing: have adequate system extensions; the rest of the US,
- and in every other major city in the US - there are
Creating what is essentially an air traffic control priority projects, as systems are tiny, heavily union-
system for each high speed rail system (includ- ized and highly subsidized.
ing the ability to detect in real time any track
anomalies).
Key Firms: Indra; Lockheed Martin; Raytheon.
creating a new industry for ultra high strength,

270 meter long rails, with special soldering, etc.
Key Firms: Arcelor-Mittal, etc.
Joint ventures for new cars and locomotives,

including aluminum vehicles, designs, etc.
Key Firms: Siemens, Bombardier, Alstom, CAF.
The biggest issue from a serious economic point of

view is that projects go forward over a period of
years, so ‘jobs created’ is not nearly as important - or
honest - a category as ‘job years.’ For our Top 100
projects this yields:
3. Construction Costs: Probably the biggest problem
! Smart Grid: 839,000 job years facing the US infrastructure build-out is out-sized
! New Infrastructure: 3.2 million job years construction costs. As you can see from the graph
! Traditional Infrastructure: 3.03 job years below, on an “apples to apples” basis, New York
metro’s system is 25 times(!) more expensive than
Lastly, as you can see in the graph below, not all in- China, and 12.5 times more expensive than Sãõ
frastructure is created equal from a job creation per- Paulo. In every area of infrastructure - highways,
spective - broadband, UMT and water/wastewater rail, water/wastewater - the US gets multiples less
are outsized job creators. per US$ spent than do our competitors. Soon
enough this is going to generate a dramatic change
in our infrastructure project creation model. That
will lead to a changing of the guard in the highly
comfortable, risk averse, US E&C industry.
2. Urban Mass Transit: We see huge growth in this

category -- energy independence, Kyoto II, urban
highway congestion, outsized highway budgets --
but nothing like the kind of technological sophistica-
tion and management efficiency required to build-
out the system. In the graph below, using a distance
! I n f r a s t r u c t u r e S e c t o r R e p o r t : P r o j e c t s d e r i v e d f r o m C G / L A’ s P r o p r i e t a r y P r o j e c t D a t a b a s e
M a y, 2 0 0 9
2
Top 100 US Projects
Preliminary List
From CG/LA’s Critical Projects Database
Project Name Sector Sub-sector State Value US$MM Job Creation … Carbon Index
Miami International Airport expansion Airports Passenger Florida 5,917 118,340 3
Hartsfield Jackson Atlanta International Airport Airports Passenger Georgia 9,000 180,000 3
O’Hare Modernization Program Airports Passenger Illinois 6,600 132,000 3
Abraham Lincoln National Airport Airports Passenger Illinois 1,000 30,000 3
NextGen Air Traffic Control System Digital Infrastructure Regional: East Coast 20,000 360,000 3
Networx program - IPv6 Digital Telecom Regional: East Coast 20,000 1,000,000 3
Levy County Nuclear Project (FL) Electricity E Generation Florida 14,000 280,000 4
Trans-Allegheny Interstate Line (TrAIL) Electricity E Transmission Pennsylvania 820 18,860 5
Milwaukee Energy Efficiency (Me2) Retrofiting Electricity Efficiency Wisconsin 40 800 5
South Texas Project Nuclear Power Plant Expansion Electricity Generation Texas 5,400 20,000 5
Sunrise Powerlink Transmission Project Electricity Transmission California 1,900 43,700 5
TANC Transmission Project Electricity Transmission California 1,500 28,875 5
CapX 2020 Electricity Transmission Minnesota 1,700 39,100 5
Smart Grid: Green Power Express Electricity Transmission Regional: Central 12,000 276,000 5
Zephyr Transmission Line Project Electricity Transmission Regional: Northwest 3,000 60,000 5
Chinook Transmission Line Project Electricity Transmission Regional: Northwest 3,000 69,000 5
Texas Wind Line Expansion Electricity Transmission Texas 4,900 98,000 5
California High-Speed Rail High Speed Rail Passenger California 45,000 686,250 5
Midwestern High-Speed Rail Initiative High Speed Rail Passenger Illinois 20,000 305,000 5
Ohio High Speed Rail Hub High Speed Rail Passenger Ohio 4,762 573,590 5
Northeast Corridor High Speed Rail Upgrade High Speed Rail Passenger Regional: East Coast 32,000 488,000 5
Boston to Montreal High-Speed Rail High Speed Rail Passenger Regional: New 1,200 18,300 5
Sacramento Basin Natural Gas Exploration Natural Gas Exploration (E&P) California 1,100 22,000 4
Clearwater Port LNG Terminal Natural Gas LNG Terminal California 600 12,000 4
Bradwood Landing LNG Terminal Natural Gas LNG Terminal Oregon 1,200 65 4
Natural Gas pipeline from Alaska to Chicago Natural Gas Pipeline Alaska 26,000 520,000 4
Alaska Highway Pipeline Project Natural Gas Pipeline Alaska 16,200 324,000 4
Elba Express Pipeline Natural Gas Pipeline Georgia 850 17,000 4
Regency Energy Intrastate Gas System Expansion Natural Gas Pipeline Louisiana 1,100 22,000 4
Rockies Express Pipeline Natural Gas Pipeline Regional 6,600 132,000 4
Pathfinder Pipeline Project Natural Gas Pipeline Regional: Northwest 2,000 21,000 4
Port of New Orleans - Inner Harbor Navigation Canal Ports & Logistics Dredging Louisiana 1,300 26,000 4
US Waterway Modernization Ports & Logistics Dredging Regional 10,000 200,000 5
Port of Seattle - I 5/SR 509 Congestion Relief Program Ports & Logistics Highways Washington 1,350 37,800 3
Electric Freight Rail Ports & Logistics Rail Regional 20,000 400,000 4
Heartland Corridor Clearance Project Ports & Logistics Rail Regional: Central 212 4,480 4
National Gateway Ports & Logistics Rail Regional: Midwest 700 14,000 4
Oakland Port Ports & Logistics Sea Ports California 500 10,000 3
Port of Freeport Modernization Program Ports & Logistics Sea Ports Texas 630 12,610 3
Craney Island Eastward Expansion Project Ports & Logistics Sea Ports Virginia 356 7,120 3
Empire State Building Green Project Renewables Efficiency New York 20 400 5
5/12/2009
Top 100 US Projects
Preliminary List
Solana Generating Station Renewables Solar Arizona 1,000 7,135 5
200 MW Solar Power Plant Kingman Arizona Renewables Solar Arizona 1,000 9,000
10 MW Solar Power Plant Chicago Renewables Solar Illinois 60 1,330 5
Cerro Colorado Landfill - 40 MW CSP Park Renewables Solar New Mexico 213 4,260 5
Solar America Cities Renewables Solar Regional 2,000 40,000 5
Cape Wind Renewables Wind Massachusetts 1,600 28,500 5
Buffalo Wind Power Initiative Renewables Wind New York 1,000 20,000 5
Deepwater Wind Farm Renewables Wind Rhode Island 1,500 26,000 5
Pampa (”Pickens”) Wind Project Renewables Wind Texas 10,000 200,000 5
Hurricane and Storm Damage Risk Reduction System Strategic Louisiana 14,300 286,000 5
I-74 Bridge Replacement Surface Transport Bridge Illinois 950 18,400 3
Cleveland Inner Belt Bridge Surface Transport Bridge Ohio 465 9,300 3
Los Angeles Road Repair and Resurfacing Program Surface Transport Highway California 500 10,000 3
Port of Miami Tunnel Surface Transport Highway Florida 947 18,940 3
I 595 Surface Transport Highway Florida 1,200 58,000 3
Maine East-West Highway Surface Transport Highway Maine 1,000 20,000 3
New Jersey Turnpike Authority Improvement Projects Surface Transport Highway New Jersey 5,400 108,000 3
I-81 Regional Steel Wheel Interstate Surface Transport Highway Regional 8,000 160,000 4
SH-130 Surface Transport Highway Texas 1,360 27,200 3
Texas SH 99 Surface Transport Highway Texas 622 13,240 3
I 69 Trans Texas Corridor Surface Transport Highway Texas 30,000 600,000 3
I 495 Capital Beltway High Occupancy Toll (HOT) Lanes Surface Transport Highway Virginia 1,400 28,000 3
I 95 Telegraph Road Surface Transport Highway Virginia 236 4,720 3
SR 99 Alaskan Way Viaduct and Seawall Replacement Surface Transport Highway Washington 4,300 86,000 3
C-4 SR 539 Lynden/Aldergrove Congestion Relief, Birch Bay- Surface Transport Highway Washington 40 1,120
I-94 Expansion Project Surface Transport Highway Wisconsin 1,900 36,000
Phoenix Light Rail UMT Light Rail Arizona 1,400 57,400 5
Phoenix Sky Harbor - Automated Train Connection to Terminal UMT Light Rail Arizona 1,570 46,720 5
Los Angeles/ Exposition Light Rail Line UMT Light Rail California 420 6,418 5
Oakland Airport Connector UMT Light Rail California 499 33,459 5
FasTracks (Eagle P3) UMT Light Rail Colorado 6,200 94,550 5
South Florida East Coast Corridor Transit Extension UMT Light Rail Florida 300 12,300 5
Miami Dade East West Corridor Metrorail Expansion UMT Light Rail Florida 2,463 98,400 5
Chicago Region Environmental and Transportation Efficiency UMT Light Rail Illinois 2,500 48,750 5
Michigan - The Regional Area Initial Link UMT Light Rail Michigan 10,500 430,500 5
St. Louis North/ South Metrolink Extensions UMT Light Rail Missouri 900 36,900 5
Hudson River Rail Tunnel (ARC Access to regions core) UMT Light Rail New York 8,700 104,000 5
Austin Phase II MetroRail Red Line Expansion UMT Light Rail Texas 1,000 41,000 5
Houston Light Rail Expansion UMT Light Rail Texas 1,460 84,860 5
Utah - Frontlines 2015 UMT Light Rail Utah 2,800 114,800 5
DC Metro Rail Expansion - Dulles Corridor UMT Metro District Of Columbia 5,200 213,200 5
5/12/2009
Top 100 US Projects
Preliminary List
D.C. Metro Purple Line UMT Metro Maryland 1,700 69,700 5
Portland MAX - Green Line Extension UMT Metro Oregon 557 22,837 5
Bay Area Rapid Transit Expansion (eBart) UMT Metro California 479 34,639 5
Transbay Highspeed Rail Terminal - Grand Central Station UMT Rail California 4,185 171,585 4
Navajo-Gallup Water Supply Project Water & WW Freshwater New Mexico 870 34,800 5
New York Third Water Tunnel Water & WW Freshwater New York 6,000 120,000 5
Lewis and Clark Regional Water System Water & WW Freshwater South Dakota 462 9,318 5
Sarasota County Pipeline Water & WW Irrigation Florida 47 949 5
Milwaukee Water Distribution Water & WW Potable Water Wisconsin 352 14,080 5
Los Angeles River Revitalization Water & WW Remediation California 1,500 60,000 5
Santa Ana River Project (SARP) Water & WW Remediation California 1,251 25,020 5
Milwaukee Water Business Park Water & WW Technology Wisconsin 15 600 5
Blue Plains Advanced Wastewater Treatment Plant/ Water Water & WW Wastewater District Of Columbia 800 32,000 5
Newton Creek Water Pollution Control Plant Expansion Water & WW Wastewater New York 2,500 100,000 5
Western Wake Regional Wastewater Project, Water & WW Wastewater North Carolina 380 7,600 5
Central Oklahoma Water Treatment and Dissemination Plan Water & WW Wastewater Oklahoma 1,312 52,480 5
Ebmud Water Treatment Project Water & WW WW Treatment California 370 14,800 5
Croton Water Treatment System (NYC) Water & WW WW Treatment New York 3,300 52,000 5
5/12/2009
Top 100 US Projects
Preliminary List
5/12/2009
Top 100 US Projects
Preliminary List
5/12/2009
Top 100 US Projects
Preliminary List
5/12/2009
Top 100 US Projects
Preliminary List
5/12/2009
Top 100 US Projects
Preliminary List
5/12/2009
Top 100 US Projects
Preliminary List
5/12/2009

Top 100 Projects

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Top 100 Projects

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TOP 100 INFRASTRUCTURE PROJECTS

FOR STERNE AGEE & CLIENTS

Major projects in strategic countries provide surgical intel-

Infrastructure Sector Report

Capacity to serve as critical as building blocks for US TOP “COMPETITIVENESS” VA L U E / Y R

* * * 4. Chicago CREATE $2.5 B

2. “New” Infrastructure - This is the infrastructure

creating a new industry for ultra high strength,

Joint ventures for new cars and locomotives,

The biggest issue from a serious economic point of

2. Urban Mass Transit: We see huge growth in this

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