Investors have been anticipating the Trump administration’s big push for infrastructure investments in the United States, but their hopes have not been met with action because of the all too familiar Washington gridlock. This has put a lot of government agencies at the state and local levels — as well as the private investment managers hoping to work with them — in a tough spot. They have plenty of projects in need of financing and funding and plenty of design and build firms and investment capital at the ready, but the uncertainty about whether a $1 trillion federal-level infrastructure program will become law has left them waiting to see if they can get a better deal than what is being offered at the moment. If a federal-level infrastructure program might come with grants, loans and subsidies for state and local projects, it makes sense to wait and see.

The gridlock and lack of a federal infrastructure plan is disappointing not only because of the obvious need that mu