The fact that provinces and municipalities are not incrementally spending and, to a large extent, not matching dollar for dollar but rather displacing provincial and municipal funding suggests that there might be a lack of shovel-ready projects. More likely, there may be financial constraints at the municipal and federal levels that prevent them from matching this funding or increasing the funding that they would otherwise have devoted. The evidence so far shows that federal funding has displaced provincial and municipal funding to a large extent, so I'm not sure if there's a lack of projects.
As you said, we hear a lot that the infrastructure in this country desperately needs investment, and we see that. For any of us who drive or take public transit, there is more than anecdotal evidence that suggests that roads are in need of repair and public transit needs improvement, yet we don't necessarily see the results fully reflected.