Leading construction industry economists voiced their comments regarding the outlook of the highway construction market in 2016, following the implementation of the 5-year funding authorization. A summary of their responses is included below. Read the full article here.
- A modest uptick of about 5% is expected in 2016 highway construction
- Highway and bridge construction will remain healthy in 2016 as revenues at state and local levels benefit from increased job and wage growth
- The residential market will lead to an additional lift in highway and bridge construction as new houses create the need to update existing roads
- Stronger growth and long-term planning of highway and street construction is predicted for the coming years, resulting from the FAST Act
- The highway and bridge construction market will remain uneven across the nation with program growth in 23 states (and Washington, D.C.) and flat growth in nine states
- State and local governments are expected to spend an additional $42 billion for maintenance work (outside of the construction industry)