BlackRock: $85T Infrastructure Wave Is Here
A new report from BlackRock says the world needs $85 trillion in infrastructure investment over the next 15 years. The firm calls it "the greatest period of construction in human history." The "On the Record" research identifies three colliding forces: aging systems built mid-century now failing (U.S. bridges need $375 billion in repairs, 20% of England's water leaks out), two billion new urban dwellers by 2050 mostly in Asia and Africa, and AI data centers whose electricity demand will quadruple by 2030.
BlackRock's data shows AI workload capacity increasing 3.5X between 2025 and 2030, with total data center capacity growing from 82 gigawatts to 220 gigawatts globally. The report notes that nearshoring amplifies this with 81% of major manufacturers now plan to shift production closer to home, up from 63% in 2022.
According to the report, the constraint is "physical capital can't be designed, built, operated and maintained without human capital," and skilled trades jobs face acute shortages with one-fifth of today's U.S. construction workforce over 55 and 70% of electrical supervisors nearing retirement. The Bureau of Labor Statistics projects infrastructure-related skilled trades will grow 5% through 2034 versus 3% nationally, roughly 250,000 net new jobs, but BlackRock says that estimate is "almost certainly conservative" given AI acceleration.
The report emphasizes these jobs pay above-average wages, resist offshoring and AI displacement, and offer earn-while-you-learn apprenticeships without college debt. European countries maintain more coordinated apprenticeship systems with standardized credentials, while U.S. programs remain fragmented despite bipartisan support that's nearly doubled apprenticeships since 2015.
BlackRock concludes the infrastructure moment is here, but success depends on whether training pipelines can scale fast enough to meet it. While the report focuses on skilled trades, infrastructure firms are also hiring communications specialists in expanding sectors.
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