Washington, D.C. based American Road & Transportation Builders Association (ARTBA), a trade association representing the U.S. transportation construction industry, recently released a market outlook report on transportation construction activity in 2024.
The largest transportation market sector, public highway, pavement, and street construction, is forecasted to grow by double digits for the second consecutive year. In 2023, the sector reached $108.6 billion. For 2024, ARTBA Chief Economist Alison Premo Black predicts the sector will reach $126 billion, a 16 percent increase.
The Infrastructure Investment and Jobs Act supported many projects that are now in the construction phase.
In addition, many states increased revenue to match federal funds or have made other transportation investments such as bond issues, business taxes, general fund transfers, and other user-fee increases.
The report predicts that the total value of overall transportation construction work will grow to $214 billion in 2024, a 14 percent increase. Transportation construction work includes highways and reached $187 billion in 2023.
To make its predictions, ARTBA analyzed state department of transportation (DOT) budgets. Many state DOTs plan to increase highway and bridge capital spending 13 percent during fiscal year 2024.
The full report includes 2024 spending on airport terminals and runways, bridge and tunnel work, public transit and rail construction, and ports and waterways.