The term ‘infrastructure’ immediately conjures images of roads and bridges, and transport improvements could well form part of the plan – albeit more light rail systems and electric vehicle charging points than more traditional types of construction. The current focus centres around the type of investments seen as critical to fostering economic growth in the coming decades. Three areas stand out:

Digital infrastructure - The pandemic has highlighted the importance of digital connectivity - and the deficiencies that still exist in many broadband networks. Our digital infrastructure still needs significant investment, with data centres an important element113 and local governments around the world investing to become ’smart cities’114. Government stimulus is likely to focus heavily on digital infrastructure115, including 5G networks and building upgrades116.

Social and medical infrastructure – The pandemic has understandably led to a focus on medical facilities and life sciences. Venture capital funding for medical research has increased substantially, with medical infrastructure and R&D spending now increasingly seen as relevant to national security117 and demand for lab space likely to increase. The rise of social infrastructure up the agenda118 will see more opportunities for public-private investment in schools, hospitals and elderly living facilities.

Green infrastructure – Given the focus on climate change that we discuss elsewhere119, it is hardly surprising that many governments view this as the ideal time to kick-start the significant investment needed in response to the climate crisis120. Initiatives range from ensuring that infrastructure is climate change resilient to the generation of solar, wind and battery energy as well as supporting electrification, retrofitting buildings and helping industries decarbonise.