New Jersey's Gov. Phil Murphy recently signed a bill to expand the state's use of public-private partnerships to help with certain key infrastructure projects.
According to Steve Sweeney, Senate president, these partnerships will provide local, county and state governments the ability to get these projects done, WHYY reported.
"Public-private partnerships are the most important thing we could be doing in the state," Sweeney said. "As the governor calls for a stronger fairer economy, this is one the pieces will actually build that. With private sector ingenuity and technology, they can do it better."
Gov. Murphy said he believes the law will allow for projects like water line replacements and transportation infrastructure updates, WHYY reported.
"Many [of these projects] would stretch government entities far beyond the ability of taxpayers to pay, but this newfound ability and flexibility will go a long way to allowing us to get vital statewide and community-focused improvements off the drawing boards and into reality," Murphy said.
Jack Kocsis, CEO of the Associated Construction Contractors of New Jersey, said the new law could also create more job opportunities.
"It really has the ability to advance New Jersey's economy," Kocsis said. "It really demonstrates that New Jersey is serious about working with private entities to actually attract capital to improve our infrastructure."
