Revaluing maintenance and renewals in transport infrastructure: a UK perspective

Paul Beckford, Carter B. Casady and Peter Jones

Chapter 7 in The Elgar Companion to Transport Infrastructure Projects, 2026, pp 112-128 from Edward Elgar Publishing

Abstract: This chapter critically assesses the undervaluation of maintenance and renewal (M&R) in transport infrastructure policy, using the UK as a focal case. It highlights the political and institutional biases that favour new construction over systematic upkeep, despite mounting evidence that deferred maintenance inflates lifecycle costs and risks asset failure. Drawing on examples from road and rail networks, the chapter evaluates funding structures, appraisal frameworks, and asset management practices, underscoring the limitations of cost-benefit analysis in capturing the true value of M&R. It calls for a paradigm shift in appraisal, financing, and strategic planning to prioritise long-term asset performance. The authors propose a more holistic valuation model that integrates residual asset value, lifecycle cost efficiency, and risk management. By reconceptualising M&R as value-generating rather than cost-incurring, the chapter advances the case for sustainable infrastructure policy that better allocates resources and extends the utility of existing assets.

Keywords: Infrastructure maintenance; Asset renewal; Lifecycle cost; Transport appraisal; Public investment; UK infrastructure policy (search for similar items in EconPapers)
Date: 2026
ISBN: 9781800374874
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