There's been no shortage of talk about what infrastructure could do to boost the local economy, or any other economy around the world.
But a look at what's happening to the bond market implies the sector might not be the best investment going around right now.
That's at odds with what has happened over the past few years.
Record low bond yields and interest rates has turned airports, bridges and roads into must-have investments.
Throw in very low inflation and it has made infrastructure the must-have asset class for all investors including superannuation, global pension and sovereign wealth funds.
Indeed, the promise of more money for infrastructure is a major reason why sharemarkets have been on a tear since Donald Trump won the race for the White House.
But bond markets have not taken to kindly to his spending policies on infrastructure and growth and think that it could all lead to higher inflation.
Bond yields are now heading higher, increasing the cost of borrowing for everyone, and interest rates in the US are also tipped to rise further and faster than everyone thought just a few months ago.
Higher interest rates in the US will put upward pressure on interest rates around the globe.
It's going to have a negative impact on the valuation of all assets but especially in the infrastructure space.
The analysts at Macquarie Wealth Management, however, think that infrastructure is still a good investment.
There's three main reasons they believe the sector still makes sense but they are also telling clients that when it comes to those rising bond yields, it's not all bad because "there exists a reasonably large valuation cushion to provide some offset into an unquestionably long-dated but stable earnings and shareholder return profile".
In the meantime, the reasons why it all stacks up is one, now that commodity prices are rising it gives the bigger states like Victoria and NSW a bit more money in their coffers to help pay for it all.
Second, there's been a "shift" in the political landscape.
With these minority parties gaining popularity, all of a sudden there's a push for extra services that's now getting taken seriously.
The third reason is there's planning already taking place.
The states have their own infrastructure bodies out there identifying and scoping out projects that they think stack up economically, so there's a sense it really will happen.
When it comes to infrastructure stocks in the current environment, Macquarie Wealth recommends Adelaide Brighton, CIMC Group, Lend Lease and Transurban.
They believe that Adelaide Brighton is "the best-positioned building materials stock to improving Australian infrastructure exposure" while CIMC has an "improving revenue outlook" that looks even better when the acquisitions of Sedgman and UGL are tossed in, given they are earnings accretive.
Then there is Lend Lease, which has $5.7 billion of earnings "underpinned" thanks to all those residential pre-sales, which the company has said gives it "good future earnings visibility".
When it comes to Transurban, the toll road company has so many projects, according to Macquarie, that they will all be contributing to the growth rather than relying on just one or two.
Transurban is one of those stocks that many analysts think looks expensive and should sell off in line with the expected rise in global bond yields.
These stocks typically pay a reasonable dividend but have a lot of debt which needs to be refinanced and so they can take a hit when rates rise.
All infrastructure and utility stocks are sensitive to hikes in interest rates because when they do so it also raises the discount rate that is used to value the stock.
The higher the discount rate is, the lower the present value of a business' future cash flows.
With bond yields so low for so long it's been the other way round for years.
There's no doubt that since Trump was elected President the benefits of infrastructure has been put forward as a way of trying to improve productivity here in Australia.
It could also offset the slowdown of mining investment and free up critical labour and capital that could be directed at building roads and tunnels
