Water has become increasingly scarce in many regions of the world, and strategies incorporating engineering and economics will be required to ensure that the resource is managed in a more sustainable manner. Historically, most developed countries have enjoyed relatively abundant water supplies, but both the public and private sectors must begin to think more deeply about how they will manage scarcity, particularly given climate-related uncertainties. More innovative management will require integrated consideration of the infrastructure and “institutions” (e.g., regulatory, legal) that govern society’s use of water. This discussion will begin with a focus on the primary physical and economic trends influencing water management, with additional exploration of creative solutions for addressing some of the challenges that will be encountered.