What happened: Highway and bridge construction finished 2023 on a high note – the total value of highway activity was $7.2 billion in December, jumping 27 percent compared to December 2022. The total value of work was $111.2 billion, up 19 percent over 2022. Bridge work was also up in December (+20 percent) and YTD (+12 percent).
Annual market activity was also strong for airport runway work, rail and transit terminal construction, and Class I railroad investments.
Why it matters: Current market activity – or the Value of Construction Put in Place –is released by the U.S. Census 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.