Source: ARTBA analysis of McGraw Hill data for January to November 2014 compared with January to November 2013. Weighted with the ARTBA Price Index that takes into account material prices, wages and inflation.
The real value of state and local government highway and bridge contract awards was down 13 percent for January to November 2014 compared to the same period in 2013, according to ARTBA analysis of data from McGraw Hill. State and local governments awarded $52.1 billion in highway and bridge work between January and November 2014, compared to $60.1 billion during the same time period in 2013, when adjusted for material costs and inflation.
The value of highway and bridge contract awards was down in 21 states and Washington, D.C. Award values were up in 23 states and within a plus/minus five percent range in seven states.
State and local government contract awards for airports were up 26 percent and railroad and mass transit contracts were up 30 percent for January to November 2014 compared to the previous year. Contract awards for docks, piers and wharves were down 14 percent. Government awards represent a smaller share of spending in these transportation construction markets.
Contract awards are a leading indicator of future work in the industry as projects get underway. Detailed data by state and mode is available as part of ARTBA’s market subscription reports. For more information, contact ARTBA’s Lital Shair.