Are P3s a new concept?
The concept of P3s is not new. In fact, P3s have successfully been used to fund a variety of project types, including gas and electric services, water projects, schools, transportation projects, power plants, hospitals, and other types of projects. P3s for transportation projects were pioneered in Europe and have grown to be used worldwide. In the United States, the private sector has historically played a role in highway construction, operation, and financing. As federal and state funding has become more constrained, this role has expanded into modern P3s where project risks and responsibilities are transferred from the public owner to the private partner. Examples of successful P3s in the United States include the 91 Express Lanes and South Bay Expressway in California, the I-595 Managed Lanes and Port of Miami Tunnel in Florida, and a variety of projects in Texas and Virginia. In addition, over half of the states are actively considering the use of transportation P3s to address tran
