Dublin, March 06, 2024 (GLOBE NEWSWIRE) -- The "United States Transportation Infrastructure Construction - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029" report has been added to ResearchAndMarkets.com's offering.
The United States Transportation Infrastructure Construction Market size is estimated at USD 371.25 billion in 2024, and is expected to reach USD 471.13 billion by 2029, growing at a CAGR of 4.88% during the forecast period 2024-2029..
About 39% of transportation and infrastructure spending in 2022 went to highway transportation, 28% to rail and mass transit, 22% to air travel, and 9% to water. Infrastructure and transportation spending in 2022 decreased by 21% from the year before, when spending reached a record high due to support for COVID-19, but is still 21% above 2019 levels before the pandemic.
State and local governments accounted for USD 211.8 billion in T&I spending in 2020 (excluding government transfers). This equated to 57% of total government T&I spending. In 2022, the federal government invested USD 36.6 trillion in infrastructure, with USD 94.5 trillion of that going directly to the states.
The bill set aside USD 550 billion for road, bridge, and rail projects, airports, broadband, and climate-related issues. The spending began in 2022 and is spread over five years. Approximately 66% of these funds were allocated to public utilities, including power and water infrastructure. On average, FEMA infrastructure spending post-disasters for public utilities accounted for 31% of the total FEMA infrastructure spending between 2000 and 2021.
As the world's population continues to grow and the economy continues to expand, the number of customers will continue to grow, people and goods will continue to demand transportation, and the overall demand for transport will grow significantly. In the US, President Joe Biden unveiled a USD 2 trillion infrastructure plan to modernize the country's infrastructure in the next decade.
Government Initiatives for Infrastructural Development to Boost the Market
Bipartisan Infrastructure Act provides substantial new funding for Federal Highway Administration (FHWA) and Department of Transportation (DOT) roadways, bridges, and other critical infrastructure projects. The bill sets aside USD 40 billion for bridge construction. The Bridge Investment Initiative (BII) is a competitive program for replacing, restoring, preserving, or protecting some of the nation's most critical and economically significant bridges. The BII will receive USD 12,5 billion under the BII. The remaining funds come from the BII Bridge Formula Program (BFP). The BFP allocates a certain amount of funds to states for replacing, rehabilitating, conserving, protecting, and constructing bridges on public roads.
The bipartisan Infrastructure Law invests USD 91.2 billion in repairing and modernizing transit. The law promotes expanded public transportation options across the country by replacing thousands of substandard transit vehicles (including buses) with clean, zero-emissions vehicles and improving access for seniors and disabled people. The Federal Transit Administration (FTA) Reauthorization and Supplemental Appropriations (USD 21.3 billion) are the primary sources of transit funding. Capital Investment Grants (CIGs) from the FTA fund new and improved high-capacity trains and buses. The program includes New Starts (build new systems or extend existing ones), Small Starts (costs less than USD 400 million), and Core Capacity (improves existing corridors to meet growing demand).
Growth in Airports Infrastructure Market
The U.S. led the way in the development of modern aviation, but many of our nation's airports are lagging behind their international peers. According to some rankings, none of America's airports rank in the top 25 worldwide airports. The money is divided into three main programs: Facilities and Equipment funding - USD 5 billion, Airport Infrastructure Grant Program - USD 15 billion, and Airport Terminal Program - USD 5 billion. Thousands of airports nationwide receive grants to fund a wide range of maintenance and modernization projects through the Airport Infrastructure grant program (for example, runways & taxiways, Noise, Multimodal, Terminal buildings, etc.). The proposal also includes a competitive USD 100M (USD 20M per year) grant for Airport-owned contract Airport traffic control towers. The Bipartisan infrastructure law gives municipal airports discretionary funds to support certain critical needs.
At the end of the 5th year, unbound funds are available for the competitive discretionary grant program. The discretionary program's first USD100 million will likely be used to fund airport-owned contract airports' traffic control towers. The remaining USD100 million will support initiatives that reduce airport emissions, noise, reliance on the electrical grid, or provide community benefits. The Airport Enhancement Program (AEP) and the Supplemental Discretionary Program (SDP) each provide approximately USD 3.75 billion in capital improvement projects at eligible U.S. airports each year.
US Transportation Infrastructure Construction Industry Overview
The United States transportation infrastructure construction market needs to be more cohesive, owing to the presence of major local and international players. Skanska USA, Webcor Builders, AECOM, Suffolk Construction, and Hoffman Construction are among the major players in the market. In the transportation infrastructure market, demand for sustainability and technical developments has increased, and companies are investing to stay competitive.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Market Insights
4.1 Market Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.1.1 Increase In Tourism Industry
4.2.1.2 Sustainability and Environmental Concerns
4.2.2 Restraints
4.2.2.1 Financial Constraints
4.2.2.2 High Maintenance
4.2.3 Opportunities
4.2.3.1 Technological Advancements
4.3 Government Regulations and Initiatives
4.4 Supply Chain/Value Chain Analysis
4.5 Technology Snapshot and Digital Trends
4.6 Major Infrastructure Development Projects
4.7 Porter's Five Forces Analysis
4.8 Impact of COVID-19 on the Market
5 Market Segmentation
5.1 By Type
5.1.1 Roadways
5.1.2 Railways
5.1.3 Airports
5.1.4 Ports and Inland Waterways
6 Competitive Landscape
6.1 Market Concentration Overview
6.2 Company Profiles
- Skanska USA
- Webcor Builders
- AECOM
- Suffolk Construction
- Hoffman Construction
- Clark Group
- Turner Construction Co.
- Walsh Group, The
- Jacobs
- Hunter Roberts Construction Group
- PCL Construction Enterprises
- Hill Intl.
- Messer Construction
- Weitz Co., The
- VRH Construction
- Clune Construction
- Whiting-Turner Contracting Co., The
- Wendel
- Balfour Beatty US
- LeChase Construction
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/r/znn0
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