Reports out of Washington about the slow pace of spending from the massive infrastructure funding Congress approved and the President signed continue to put pressure on federal and state agencies to get the money out. The huge influx of money has been a boon to consultants to plan and design projects eligible for the federal spending. The American Road and Transportation Builders Association continues to track the flow of construction funds.
What happened: Transportation construction activity reached a record $16.4 billion in April 2024, up from $14.4 billion in April 2023, according to U.S. Census Bureau data. Driven by federal, state, and local investments, year-to-date work on highways was up 21 percent, while bridge work jumped 20 percent compared to the same time period last year.
Why it matters: Current market activity – or the Value of Construction Put in Place – is released by the Bureau and tracks the work completed on a project each month, regardless of the total size of a project or when it was awarded. As projects funded by the Infrastructure Investment and Jobs Act (IIJA) are put out to bid and contractors start to work, the value of construction and overall market activity has also increased.