What happened: Driven by the Infrastructure Investment and Jobs Act (IIJA), states committed $10.2 billion in federal-aid highway construction funds in August 2022, up from $6.6 billion in funds obligated in August 2021.
Why it matters: With less than one month left in the federal fiscal year, states have obligated a total of $47.3 billion in funds, compared to $39.5 billion at this point in FY 2021.
What’s next: The commitment of federal funds is a leading indicator of market activity. Typically the next step is for state transportation departments to bid and award the contracts so that construction activity can begin.
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