Current U.S. policies will underfund surface transportation, aviation, waterways, the electrical grid and sewers by about $1.1tr through 2020, according to the association. The $157bn would be on top of expected U.S. spending of about $207bn a year, the group said.

"Infrastructure is the lifeblood of our economy and provides the foundation for assuring a high quality of life for all Americans," said Gregory E. DiLoreto, president of ASCE, said in a news conference. "If we don't invest now, all Americans will pay more in the long run."

Without the added investment, business costs will increase by $1.2tr and household costs by $611bn, the group said.

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