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 2021 $):

• The rate of investments (in 2021 dollars) made in this stock starting in 1936 remained relatively consistent through 1987, increasing at an average rate of 0.48% per year.
• The USACE Flood Risk Management capital stock value peaked in 1987 at $109 billion. It then declined at an average rate of 0.95% per year through 2021. Since 1987, annual deterioration in the estimated capital stock has exceeded investments.

The 2021 USACE Flood Risk Management capital stock value is $83.5 billion, or approximately what it was in 1967 and about 72% of its peak 1987 value.