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Last week, the the American Society of Civil Engineers (ASCE) released a report stating that aging infrastructure and congestion at ports and along inland waterways is increasing transportation costs.

Titled, "The Economic Impact of Current Investment Trends in Airports, Inland Waterways and Marine Ports Infrastructure," the report also determined that the aging infrastructure "threatens" more than 1 million U.S. jobs and more than $1 trillion in personal income by 2020.

Between now and 2020, investment needs in the nation's ports and inland waterways total $30 billion, while planned expenditures total about $14 billion, leaving an investment gap of nearly $16 billion, the report states. In the United States, there are 300 commercial ports, 12,000 miles of inland and intra-coastal waterways, and about 240 lock chambers, which in total are used to transport more than 70 percent of U.S. imports by tonnage and slightly more than half of imports by value.

"To remain competitive on a global scale, U.S. marine ports and inland waterways will require investment in the coming decades beyond the $14.4 billion currently expected," ASCE officials said in a prepared statement.

With the Panama Canal expansion to be completed by 2015, the average size of container ships is likely to increase significantly, requiring modernization at most of the major U.S. ports that handle containerized cargo, the report states. Needed port investments include harbor and channel dredging, while necessary inland waterway investments include new or rehabilitated lock and dam facilities.

"Congestion and delays lead to goods waiting on docks and in warehouses for shipment, which in turn leads to higher transportation costs and higher-priced products on store shelves," said ASCE President Andrew Herrmann.