Highway Market Looking Up Despite Fuel Costs: Economist

Engineering News-Record By Aileen Cho July 25, 2022

Despite elevated material prices, fuel costs and other headwinds, the U.S. bridge construction market is still reaping the windfall of the $1-trillion federal infrastructure act (IIJA), which will continue to support market growth over the next decade, according to an industry sector economist.

For highway construction in general, June fuel prices were up 111% from a year earlier, asphalt prices rose 77% and prestressed concrete beams were up 55%, said Alison Premo Black, chief economist for the American Road & Transportation Builders Association, addressing attendees of the International Bridge Conference, held July 18-20 in Pittsburgh.

“If we didn’t have IIJA, it would be a different market,” she conceded. But the $5.5 billion a year available to states in formula funding and $2 billion in discretionary grants will keep the market robust, she added.

With construction employment at a low and labor at a premium, “the technology role will be crucial,” she said.

VIew the full article: ENR.com