The U.S. transportation infrastructure market is expected to rebound from a stumbling 2017, with a 3.2 percent growth in 2018 that will reach $255 billion in total domestic transportation construction and related market activity.
The American Road & Transportation Builders Association (ARTBA) recently released the prediction in their annual economic forecast. Even the modest growth predicted represents a notable change from the previous year, which saw a 2.8 percent drop overall, largely due to state and local reductions in highway and bridge spending.
The growth, however, is not going to be seen in all regions. In fact, it will vary significantly by region. While 20 states are expected to grow, another 23 are expected to slow, and the remaining seven are expected to have a fairly flat year. California, Florida, Hawaii, New York, Virginia, and Washington are leading the pack in that regard, while Arizona, Colorado, Delaware, Maryland, Nevada, and Oklahoma are all anticipated to see slowdowns.
Airport terminals, public transit, class 1 railroads and private driveway, street, and parking lot construction for residential and commercial developments continue to be the forward driving force in the industry. Federal highway funding of state DOT programs is also aiding growth, but ARTBA Chief Economic Alison Premo Black has noted that state budget issues, coupled with the completion of bond programs or inflation stricken state revenues, is a continual backward pull on the industry.