State Transportation Contract Awards Continue Skyrocketing Through July

What happened: State and local governments continue to put out more work – increasing the number and value of transportation contracts moving forward in 2023. The total value of transportation contract awards reached $78.2 billion through July, up 18 percent compared to July 2022. The value of bridge and highway pavement contracts are up 12.5 and 15 percent, respectively.

Why it matters: Contract awards are a leading indicator of future construction activity. The continued strength of the market reflects record funding from the Infrastructure Investment and Jobs Act (IIJA) and both recurring and one-time increases in state and local funding.

Dig deeper: Detailed data by state and mode is available through ARTBA’s Transportation Construction Market Intelligence Service (TCMIS). The TCMIS also includes interactive information on all 50 state transportation budgets.