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Increases in Highway Construction Costs Could Reduce IIJA Funding Allocated to Transportation Up to 40% Over the Next Five Years
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2024-05-01
[PDF-353.39 KB]
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Abstract:Higher costs reduce what can be bought with the money allocated by transportation spending bills. The Infrastructure Investment and Jobs Act (IIJA) (Public Law 117-58), includes $673.8 billion in transportation funding for roads, bridges, transit, airports, ports, and rail. Of that $673.8 billion, the largest share ($379.3 billion, or 56%) is for highway infrastructure, with roughly 20% of the total highway allocation to be distributed in each of the five fiscal years from 2022 through 2026.
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