What happened: Highway construction work continued to increase as end of year 2023 data rolls in – the total value of highway activity was $9.2 billion in November, an increase of 16 percent compared to November 2022. Year to date (YTD), the value of work is $102.8 billion, up 17 percent over 2022 (see chart.) Bridge work was also up in November (+14 percent) and YTD (+10.6 percent).
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.
What’s next: Detailed U.S. data by mode is available through ARTBA’s Transportation Construction Market Intelligence Service (TCMIS). The TCMIS also includes interactive information on all 50 state transportation budgets.
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