Highway and Bridge Contracts Down 3% in Past 12 Months
Despite the 2012 passage of the federal surface transportation law, known as MAP-21, the real value of highway and bridge contract awards over the last 12 months was down 3% compared the previous 12-month period, according to the latest analysis of McGraw-Hill Dodge data by the American Road & Transportation Builders Association (ARTBA).
Taking into account changes in wages, materials and inflation, state and local governments awarded $54.3 billion in real highway and bridge contract awards between February 2012-January 2013, compared to $55.8 billion in the same 2011-2012 time period. Contract awards are a leading indicator of construction activity at the state level.