The Infrastructure Pulse Survey, compiled by Alvarez & Marsal in collaboration with the Global Infrastructure Investor Association, is a survey designed to provide a regular temperature check of sentiment in the the infrastructure investment sector and emerging trends across Europe and the Americas.

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The most recent Infrastructure Pulse Survey for Q2 2023, which gleans sentiment directly from investors managing a total of nearly $1 trillion in infrastructure assets around the world, shares the following highlights:

Investors are feeling less optimistic about infrastructure investment opportunities compared to last year. However, the U.S., Canada, and northern Europe remain the most desirable destinations for investment, while the U.K., France, and Italy are lagging behind due to regulatory regimes and political instability. Despite these challenges, members of the Global Infrastructure Investor Association continue to make investments in the sector. Investors are rebalancing their portfolios away from low-yield assets towards higher-yield strategies and net zero investments. Regulatory reform is the number one ask of governments by investors to spur economic growth and meet infrastructure needs of citizens. Despite the difficult landscape, investors remain committed to pursuing their environmental, social, and governance (ESG) agendas and are willing to invest heavily to reach Net Zero goals over the next five years.

Key findings include: 

• Debt financing concerns jumped 50 percent in the Americas from Q4 2022 to Q2 2023 and cost of debt (COD) has overtaken inflation as a key concern for infrastructure investors across both Europe and the U.S. for both new investments and current portfolios
• As the U.S., some EU states, the U.K. and India head towards elections, policymakers must work with investors to unlock the infrastructure improvements needed to facilitate a net zero, growing global economy
• Investors expect the package of Net Zero policies and incentives to be strongly favorable for investment in North America
• Economic growth continues to be sluggish both in the U.S. and Europe, but major economies have avoided entering recession for now

For more information on the survey results, insights, or questions about the infrastructure reports and recent trends, please contact our experts.

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Alvarez & Marsal’s Jay Moody, Wayne Jephson, and Kate Netinho were featured alongside GIIA’s Matt Dickinson in the Talking Global Infrastructure Podcast to discuss key findings from the Q2 2023 Infrastructure Pulse Survey.