Source: ARTBA analysis of federal Census Bureau data for value of construction work in July 2011-2014, adjusted with the ARTBA Price Index to account for changes in material costs, wages and inflation.
The real value of highway and bridge construction work in 2014 continues to be slightly ahead of last year’s pace but is still below pre-recession levels, according to ARTBA’s analysis of data from the U.S. Census Bureau. The real value of highway work was $5.4 billion in July 2014, compared to $5.3 billion in July 2013, when adjusted for material prices and inflation. Contractors have performed $23.8 billion in pavement work between January and July 2014, compared to $22.7 billion for the same period in 2013. To put this in perspective, the real value of pavement construction work during the same time period in 2008 was $27.8 billion.
Although the real value of bridge work was also flat for the month of July 2014 compared to July 2013, the pace of bridge work in 2014 continues at record levels. So far in 2014, $16.5 billion in bridge work has been completed, compared to $16 billion for the same period in 2013.
Year-to-date growth is flat across all other modes. The real value of construction work on railroad projects for January to July 2014 was up 4.7 percent compared to January to July 2013 while airport work was down 4.8 percent. The real value of construction work for all land transportation, including rail and subway work, was up 2.6 percent.
Detailed data by month and mode is available as part of ARTBA’s market subscription reports.