USACE owns and operates 715 dams located throughout the U.S. In addition, USACE built or controls 14,700 miles of levees (U.S. Congress, Senate 2015). This infrastructure provides significant benefits to the nation. It is estimated that for every dollar invested in USACE dams and levees between 1928 and 2010, America saved $7.17 in flood-related damages (U.S. Congress, House 2012).

Simple observations of the calculated capital stock value covered under the Flood Risk Management functional category are as follows (values in 2023 $):

• The rate of investments made in this stock starting in 1936 remained relatively consistent through 1987, increasing at an average rate of 0.57% per year.
• The USACE Flood Risk Management capital stock value peaked in 1987 at $116 billion. It then declined at an average rate of 0.97% per year through 2023. Since 1987, annual deterioration in the estimated capital stock has exceeded investments.

The 2023 USACE Flood Risk Management capital stock value is $81.5 billion, or approximately what it was in 1966 and 1967 about 70% of its peak 1987 value.