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Canada’s embrace of advanced technology in air traffic control is attracting the attention of key players in the Trump administration. Gary Cohn, director of the National Economic Council and a voice of moderation and pragmatism in the administration’s inner circle, has used Canada’s experience to argue for new approaches to much-anticipated
infrastructure investment. Republicans who wish to avoid the creation
of more public debt to fuel infrastructure development may be hoping to
take a page from Canada’s creation of an infrastructure bank to attract
private sector investment.
What we see, however, is simply that the notion of “infrastructure”
should not be limited to roads, bridges, ports, waterworks, dams, and
other visible megaprojects. Some of the most significant infrastructure
for boosting productivity may turn out to be technological — such as
the substitution of GPS systems for traditional land-based air traffic
control. We hope, that when the infrastructure push eventually comes to
the forefront of the administration’s agenda, technology will figure
prominently in the proposals.
Investment implications: We continue to favor some large-cap
industrials. If the administration appears to be emphasizing technology
as a component of the initiative, we would weight our industrial
exposure accordingly, to include large-cap firms with significant
technological expertise.
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