Record Transportation Funding Spurs Spike in Bridge Projects
As transportation funding reaches record levels nationwide, state and local authorities are making bridge work a fiscal priority in their budgets, focusing on reducing the number of structurally deficient and functionally obsolete bridges in their inventories. In the wake of the Interstate 35-W bridge collapse in Minneapolis in August, the spotlight is shining even brighter on the need for infrastructure improvements on the nation's highways, sparking a reaction among legislators that could funnel more funding into the sector.
According to estimates from the American Road & Transportation Builders Association, Washington, D.C., the value of bridge and highway construction put in place will hit $75.2 billion in 2007, a 4.5% increase over 2006. Although values continue to climb, this year the market has seen a cooling down compared to the 12.1% increases seen in 2006 and the 9.4% increase in 2005.