By Dr. Alison Premo Black, chief economist, ARTBA
Despite the broader economic slowdown, state and local governments continue to ramp up awards for highway and bridge construction projects. With May data in hand, three months of information provides a clearer picture of the current market situation.
In all, 24 states and Washington, D.C. increased the value of highway and bridge contract awards between March and May compared to the same time period in 2019. The value of highway contract awards was up 4 percent to $16.4 million between March and May from $15.7 billion last year. Bridge awards were $4.8 billion this year compared to $4.3 billion in 2019. The increase in work was led by projects in Washington, Texas, Indiana, Pennsylvania and California.
The value of work was down in some states that have expressed revenue concerns, including North Carolina and Kentucky. The value of contract awards was also up 12 percent for waterways, but down 70 percent for transit and 55 percent for airport runway projects.
With the situation changing regularly, ARTBA is closely monitoring transportation market data through our Transportation Construction Market Intelligence Service, providing the most up-to-date analysis available. Contact us to learn more, or to schedule a walk through of the service.