Fundamentals of the U.S. Transportation Construction Market Alison Premo Black, PhD ARTBA Senior VP, Policy & Chief Economist ARTBA 2016 Industry Leaders Development Program 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Modal Profile HIGHWAYS & BRIDGES
What are the major sources of highway and bridge spending? Federal Payments 27% State Government -Highway & Bridge Revenues Local Payments 2% Misc. 8% User Tax Revenues & Tolls 32% Federal & state payments 23% Local Government -Highway & Bridge Revenues Misc. 8% User Revenues & Tolls 5% General Funds 31% Bonds 13% Road and Crossing Tolls 7% Other Imposts and General Funds 11% Bonds 14% Taxes & imposts 19% Source: FHWA Highway Statistics 2013, Tables SF-2 and LGF-1. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
How are highway and bridge funds spent? State Government Highway & Bridge Spending Local Government Highway & Bridge Spending Bond Retirement 6% Grants In Aid 12% Bond retirement & interest 17% Payments to States 3% Capital outlays 33% Interest 5% Admin, Police and Safety 12% Administration, Police & Safety 17% Capital Outlay 51% Maintenance and Services 14% Maintenance & traffic 30% Source: FHWA Highway Statistics 2013, Tables SF-2 and LGF-2. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Federal funds, on average, provide 52% of annual state DOT capital outlays for highway & bridge projects 35% 53% 52% 60%* Over 70% of state highway & bridge capital outlays 68%* 56%* 40% 87%* 72% 72%* 83%* 69%* 71% 50 to 69% of state highway & bridge capital outlays 46% 50% 61%* 65% 59% 69% 64%* 52% 39% 41% 60% 43%* 65% 30 to 49% of state highway & bridge capital outlays 60%* 61%* 45% 66% 47%* 83% 55% 53% * CT 70% DE 42%* MD 45%* NH 58%* VT 80% MA 41% RI 97%* NJ 31%* DC 52%* 66%* 67%* 66%* 89%* 41% 49% 36% HI 77% Source: ARTBA analysis of FHWA Highway Statistics data, total ten year average 2004-2013 from tables SF-1 and SF-2. The percent is the ratio of federal aid reimbursements to the state and total state capital outlays and is indicative of the importance of the federal aid program to state capital spending for highways and bridges. Does not include local capital spending. Federal highway reimbursements are primarily used for capital outlays, including construction, right of way and engineering, but are also used for debt service for GARVEE bonds. * States that have issued GARVEE bonds before 2013. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Average Annual FAST Act Funding by State (in millions) Less than $400 million $400-600 million $600 million- $1 billion Over $1 billion $718 $529 $385 $3,888 $303 $775 $368 $435 $271 $566 $389 $263 $299 $306 $400 $672 $691 $521 $1,003 $548 $797 $1,009 $1,506 $512 $1,115 $895 $804 $1,420 $704 $463 $1,778 $1,738 $1,078 $1,105 $709 $1,368 $196 CT $532 DE $179 MD $637 NH $175 VT $215 MA $643 RI $232 NJ $1,058 DC $169 $531 $3,656 $743 $2,007 HI $179 $ Source: ARTBA analysis of FAST Act. Original data from FHWA. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, withoutprior written permission of ARTBA.
FAST Act Highway Investment Impact Billions of dollars $47 $46 $45 $44 $43 $42 $41 $40 $39 $38 $37 $46.4 $42.0 $41.3 $40.3 2015 2016 2017 2018 2019 2020 Nominal Obligations Adjusted for Project Costs Adjusted for Inflation Source: ARTBA analysis of FAST Act. Inflation forecast from CBO's August 2015 report "An Update to the Budget and Economic Outlook: 2015 to 2025. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Federal, State and Local Construction Investment in Highway & Bridge Projects Net Plus/Minus Compared to 2008 Investment Levels Annual investment difference, in billions, from 2008 levels $10 $8 $6 $4 $2 $0 -$2 -$4 -$6 -$8 -$10 The decline in state and local spending since 2008 is showing signs of recovery. 2008 2009 2010 2011 2012 2013 2014 2015(e) 2016(f) 2017(f) 2018(f) 2019(f) 2020(f) Federal reimbursements/investments Total highway & bridge construction investment State & local investment Sources: Total highway & bridge construction investment is the annual US Census Bureau value of construction put in place. Federal investment is calculated as 66% of federal outlays in a given fiscal year, the historical average for construction work supported by the federal programbased on data from FHWA. Total federal outlays are from the CBO August 2015 Highway Trust Fund projections. State and local investment estimate is the difference between the total market and federal investment. All data adjusted for project costs. For more details, contact ARTBA chief economist,dr. Alison Premo Black at ablack@artba.orgor 202-289-4434. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
States with P3 Enabling Legislation for Transportation Broad Legislation Limited or Project-Specific WA NH MT ND ME OR MN VT ID WY SD WI MI NY MA CA NV AZ UT NM CO NE KS OK IA MO AR IL MS IN KY TN AL OH WV SC GA PA VA NC CT DE MD RI NJ DC AK TX LA FL HI Source: ARTBA Research, NCSL. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
U.S. Highway & Street Pavement Construction Forecast $80 Real Value of Pavement & Related Construction Work $70 $60 Billions of 2015$ $50 $40 $30 $20 $10 $0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (e) 2016 (f) 2017 (f) 2018 (f) 2019 (f) 2020 (f) Source: ARTBA Forecast Model. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
U.S. Bridge & Tunnel Pavement Construction Forecast $40 Real Value of Bridge & Tunnel Construction Work $35 $30 Billions of 2015$ $25 $20 $15 $10 $5 $0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (e) 2016 (f) 2017 (f) 2018 (f) 2019 (f) 2020 (f) Source: ARTBA Forecast Model 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
State & Local Government Highway Contract Awards $6 $5 $4 $3 $2 $1 $0 Texas California Florida North Carolina Ohio Illinois Pennsylvania North Dakota Indiana New York Georgia Wisconsin Minnesota Michigan New Jersey Oklahoma Nevada Iowa Virginia Tennessee Louisiana Kentucky Alabama South Carolina Washington Massachusetts Arkansas Kansas Colorado Missouri Arizona Maryland West Virginia Mississippi Utah Hawaii Alaska Oregon Delaware Connecticut South Dakota Nebraska Montana New Mexico Maine New Hampshire Wyoming Idaho Rhode Island Vermont District of Columbia Billions of 2016 $ April 2015 - March 2016 Previous 3 years average Source: ARTBA analysis of Dodge Data Analyticsdata. Weighted with the ARTBA Price Index that takes into account material prices, wages and inflation. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
State & Local Government Bridge Contract Awards $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 New York California Pennsylvania Texas Illinois Ohio New Jersey Florida North Carolina Indiana Wisconsin Massachusetts Connecticut Oklahoma Minnesota Michigan Colorado Kentucky Arkansas Georgia Tennessee Louisiana Missouri Virginia Nevada Washington Nebraska Maryland Iowa North Dakota Alaska Alabama Kansas Arizona Montana Mississippi Delaware Wyoming Vermont New Mexico Maine West Virginia Idaho Oregon Hawaii New Hampshire South Carolina Rhode Island South Dakota Utah District of Columbia Billions of 2016 $ April 2015 - March 2016 Previous 3 years average Source: ARTBA analysis of Dodge Data Analyticsdata. Weighted with the ARTBA Price Index that takes into account material prices, wages and inflation. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Modal Profile TRANSIT
State and Local Transit Agency Revenue Sources Other 5% Fares 24% Local 32% Federal 17% State 22% Source: National Transit Database 2014 data 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
State and Local Transit Agency Revenue Sources Sources of Revenue for Operations Federal 8% Source of Revenue for Capital Expenditures Fares 8% Fares 32% State 26% Directly Generated 24% Federal 42% Directly Generated 4% Local 12% Local 30% State 14% Source: National Transit Database 2014 data 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
State and Local Transit Agency Expenditures Spending by Category Spending by Type of Service Capital Expenditures Other Capital Expenditures 4% 29% Facilities Vehicle 18% Operations 36% Rolling Stock 8% Operating Expenses 71% General Administration 12% Non-Vehicle Maintenance 9% Vehicle Maintenance 13% Source: National Transit Database 2014 data 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
State and Local Transit Agency Capital Expenditures $20 Billions $18 $16 $14 $12 $10 $8 $11.83 $1.30 $3.21 $12.75 $13.57 $1.44 $1.64 $3.17 $3.40 $16.09 $16.83 $16.56 $15.72 $16.92 $17.25 $17.51 $1.77 $1.73 $1.98 $2.28 $2.76 $2.63 $2.08 $4.46 $5.18 $4.43 $3.78 $3.95 $4.46 $4.09 $6 $4 $7.32 $8.14 $8.53 $9.86 $9.93 $10.15 $9.47 $10.77 $10.44 $10.30 $2 $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Facilities Rolling Stock Other Source: National Transit Database 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Federal Investment in U.S. Transit Construction Market FAST Act provides funding for Federal Transit Administration (FTA) grants New Starts & Small Starts Capital purchases like buses and facilities Impact on urban and rural transit agencies 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Federal funds, on average, provide 82% of rural transit agency capital outlays Over 80% of rural transit capital outlays 50 to 80% of rural transit capital outlays 25 to 50% of rural transit capital outlays 79% NH 82% 78% 75% 90% 76% 80% VT 80% 86% 63% 85% 96% 85% 80% MA 80% 30% 75% 91% 87% 44% 78% N/A 91% 79% 86% 92% 84% 90% 79% 92% 94% 84% 63% 82% 81% 69% 96% CT 99% DE 100% MD 89% RI N/A NJ 45% DC N/A 93% 100% 97% 97% 81% 100% 59% HI 72% 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Federal funds, on average, provide 64% of urban transit agency capital outlays Over 80% of urban transit capital outlays 50 to 80% of urban transit capital outlays 25 to 50% of urban transit capital outlays 27% NH 82% 46% 83% 86% 46% 82% VT 81% 88% 84% 91% 77% 76% 38% MA 45% 35% 76% 46% 24% 29% 56% 93% 81% 86% 75% 32% 80% 48% 66% 55% 88% 60% 58% 70% 54% 55% 82% CT 84% DE 68% MD 52% RI 97% NJ 39% DC 50% 71% 100% 35% 71% 36% 94% 60% HI 43% 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Upcoming Transit Projects Source: Federal Transit Administration Fiscal Year 2017 Capital Investment Grant Program (New Starts, Core Capacity and Small Starts) Annual Report on Funding Recommendations 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior writtenpermission of ARTBA.
U.S. Subway & Light Rail Construction Forecast $10 Real Value of Subway & Light Rail Transit Construction Work $9 $8 $7 Billions of 2015$ $6 $5 $4 $3 $2 $1 $0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (e) 2016 (f) 2017 (f) 2018 (f) 2019 (f) 2020 (f) Source: ARTBA Forecast Model 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
State & Local Government Transit Contract Awards $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 California New York Washington New Jersey Colorado Illinois Texas District of Columbia Massachusetts Pennsylvania Oregon Maryland Florida Hawaii Georgia Minnesota Arizona Ohio North Carolina Virginia Michigan Missouri Alaska Utah Tennessee Nevada Indiana Wisconsin Connecticut Delaware Kentucky New Mexico Louisiana West Virginia Iowa Maine Idaho Alabama Kansas South Carolina Nebraska Oklahoma Mississippi Rhode Island Arkansas Vermont New Hampshire North Dakota Montana South Dakota Wyoming Billions 2014 2011-2013 Average Source: National Transit Database 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Modal Profile RAIL
Class I Freight Railroad Revenue Sources Class I freight railroads are privately owned, so all spending comes from Class I revenues, which totaled $152.8 billion in 2014. $75.1 billion in freight revenues (49%) $77.7 billion in operating revenues (51%) Sources: AAR, FRA 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Class I Freight Railroad Expenditures Spending by Category Spending by Type Grow and Modernize 20% Employee Benefits 4% Materials and Supplies 4% Payroll Taxes 4% Other 4% Fuel 18% Maintain 14% All Other Taxes 11% Wages 18% Operate 66% Equipment and Other Rentals 11% Source: AAR 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA. Purchased Services 12% Track and Property 14%
Class I Railroad Infrastructure and Equipment Expenditures $35 $30 $28.0 $30.3 Billions $25 $20 $19.3 $20.2 $21.5 $20.2 $20.7 $23.3 $25.5 $25.1 $15 $10 $5 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: AAR 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Federal Investment in U.S. Rail Construction Market Though Class I railroads are privately owned, the Federal Railroad Administration provides some support to passenger and freight railroads through grant and loan programs: Competitive Discretionary Programs Railroad Safety Infrastructure Improvement Grants Railroad Safety Technology Grants for Positive Train Control (PTC) Railroad Safety Grants for the Safe Transportation of Energy Products by Rail Program Magnetic Levitation Projects Grant Application Solicitation FY14 Grant Application Solicitation FRA-Led Regional Rail Planning High-Speed Intercity Passenger Rail Program (HSIPR) Rail Line Relocation & Improvement Capital Grant Program (RLR) Railroad Rehabilitation & Repair (Disaster Assistance) Railroad Safety Technology Grant Program Transportation Investment Generating Economic Recovery (TIGER) Railway-Highway Crossing Hazard Elimination University Grants Dedicated Grant Programs Amtrak Capital Grants Alaska Railroad Operation Lifesaver, Inc. (OLI) Loan Programs Railroad Rehabilitation & Improvement Financing (RRIF) Program Transportation Innovation & Finance (TIFIA) Source: FRA 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
U.S. Railroad Construction Forecast $16 Real Value of Railroad Construction Work $14 $12 Billions of 2015$ $10 $8 $6 $4 $2 $0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (e) 2016 (f) 2017 (f) 2018 (f) 2019 (f) 2020 (f) Source: ARTBA Forecast Model 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Modal Profile AIRPORTS
Airport Revenue Sources Bonds 22% Aeronautical Operations 33% Passenger Facility Charges 9% Grants 7% Non-Aeronautical Operations 29% Source: FAA Certification Activity Tracking System (CATS) Operating and Financial Summary Report 127, 2015 data 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Airport Expenditures Spending by Category Spending by Type Capital Investment 35% Operations 44% Roadways, rail and transit 2% Parking 2% Terminals 13% Other Capital Investment 7% Operations 44% Airfields 11% Debt financing 21% Source: FAA Certification Activity Tracking System (CATS) Operating and Financial Summary Report 127, 2015 data 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA. Debt financing 21%
Federal Investment in U.S. Airport Construction Market The Airport Improvement Program (AIP) In FY 2015, 1,765 AIP grants worth $3.2 billion were awarded U.S. airports have identified $34.7 billion in unfunded improvements needed over the next five years that would be eligible for AIP grants. Funded through Airport and Airway Trust fund National Plan of Integrated Airport Systems (NPIAS) Passenger Facility Charge (PFC) Program Sources: FAA, ARTBA Analysis 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Value of Airport Improvement Program (AIP) Grants by State 2006-2015 (in millions) Less than $250 million $250-500 million $500-$750 million Over $750 million $981 $508 $500 $2,769 $265 $724 $480 $378 $265 $913 $291 $361 $296 $373 $357 $422 $569 $629 $920 $1,234 $428 $865 $646 $794 $1,516 $246 $657 $564 $766 $514 $840 $419 $474 $488 $609 $858 $248 CT $204 DE $76 MD $317 NH $195 VT $146 MA $546 RI $176 NJ $394 DC $279 $2,232 $2,507 $600 $1,669 HI $365 $ Source: ARTBA analysis of AIP Grants 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
U.S. Airport Terminal & Runway Construction Forecast $25 Real Value of Airport Terminal & Runway Construction Work $20 Billions of 2015$ $15 $10 $5 $0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (e) 2016 (f) 2017 (f) 2018 (f) 2019 (f) 2020 (f) Source: ARTBA Forecast Model 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Forecast for U.S. Airport Construction $25 Billions of 2015$ $20 $15 $10 $12.9 $2.1 $5.0 $16.9 $14.3 $15.6 $3.4 $2.9 $2.4 $18.1 $19.2 $3.8 $4.2 $5.9 $6.6 $7.1 $7.6 $8.0 $5 $0 $5.8 $6.0 $6.2 $6.4 $6.7 $6.9 2015 (e) 2016 (f) 2017 (f) 2018 (f) 2019 (f) 2020 (f) Runways Terminals Other Source: ARTBA Forecast Model 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
State & Local Government Airport Runway Contract Awards $250 $200 $150 $100 $50 $0 Texas Michigan California Colorado Virginia Illinois Washington Alaska Florida Arizona Oklahoma Massachusetts Hawaii Pennsylvania Indiana Ohio Tennessee New York North Carolina Kentucky Arkansas Minnesota Maryland Oregon Georgia New Mexico Montana Missouri Louisiana North Dakota Wisconsin South Carolina Alabama Nevada Iowa New Jersey Idaho Mississippi Utah Wyoming South Dakota Kansas West Virginia Delaware District of Columbia New Hampshire Nebraska Connecticut Maine Rhode Island Vermont Millions of 2016 $ April 2015 - March 2016 Previous 3 years average Source: ARTBA analysis of Dodge Data Analyticsdata. Weighted with the ARTBA Price Index that takes into account material prices, wages and inflation. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Modal Profile PORTS & WATERWAYS
Federal Investment in U.S. Inland & Intracoastal Waterways The U.S. Army Corps of Engineers regulates activities in waterways and wetlands. Funds the planning, design, construction, operation and maintenance of water resources projects Focus on: commercial navigation flood and storm damage reduction aquatic ecosystem restoration. Harbor Maintenance Trust Fund Inland Waterways Trust Fund 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Army Corps of Engineers Program Revenue Sources Special Recreation User Fees Harbor 1% Maintenance Trust Fund 20% Inland Waterways Trust Fund 1% General Fund 78% Source: U. S. Army Corps of Engineers Civil Works Budget, from President s Fiscal 2017 Budget 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Army Corps of Engineers Program Expenditures Regulatory Program 4% Formerly Utilized Sites Remedial Action Program (FUSRAP) 2% Mississippi River and Tributaries 5% Expenses 4% Investigations 2% Flood Control and Coastal Emergencies 1% Office of the Assistant Secretary of the Army for Civil Works <1% Construction 24% Operation and Maintenance 58% Source: U. S. Army Corps of Engineers Civil Works Budget, from President s Fiscal 2017 Budget 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
U.S. Ports Revenue Sources Ports 15% Private Sector 85% Source: AAPA Port Planned Infrastructure Investment Survey. This reflects projected expenditures between 2016 and 2020. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Federal Investment in U.S. Ports U.S. ports and private sector partners plan to spend $154.8 billion in port-related improvements between 2016 and 2020. Federal support to aid freight movements through ports could be as high as $24.8 billion during the same period. FAST Act provisions for which ports are eligible: $11 billion over five years in dedicated funds for freight $500 million in continued USDOT TIGER discretionary grants $1.4 billion for TIFIA program Creation of Surface Transportation Block Grant Program 25% of potential TIGER grants (up to $625 million) Projected U.S. Army Corps of Engineers navigation appropriations (up to $13.2 billion) Source: AAPA Port Planned Infrastructure Investment Survey. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, withoutprior written permission of ARTBA.
U.S. Port Expenditures, by Port Region North Atlantic port region 3% South Pacific port region 5% North Pacific port region 3% Great Lakes port region 1% South Atlantic port region 6% Gulf port region 82% Source: AAPA Port Planned Infrastructure Investment Survey. This reflects projected expenditures between 2016 and 2020. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Outlook for U.S. Port & Waterway Construction $3.5 Real Value of Port & Waterway Construction Work $3.0 $2.5 Billions of 2015$ $2.0 $1.5 $1.0 $0.5 $0.0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (e) 2016 (f) 2017 (f) 2018 (f) 2019 (f) 2020 (f) Source: ARTBA Forecast Model 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
U.S. Army Corps of Engineers FY 2016 Civil Works Program, by State $600 $500 $400 $300 $200 $100 $0 Illinois California Texas Florida Washington Louisiana Pennsylvania Georgia Kentucky Virginia Alabama Oregon Arkansas Tennessee Missouri New Jersey Minnesota West Virginia Maryland Iowa Oklahoma Michigan Ohio North Carolina New York Alaska South Carolina Kansas New Mexico Indiana Massachusetts South Dakota North Dakota Delaware Mississippi Nebraska Wisconsin Idaho Montana Colorado Hawaii Connecticut New Hampshire Vermont Nevada Arizona Rhode Island Maine Wyoming Utah District of Columbia Millions Construction, Operation and Maintenance Construction Source: U. S. Army Corps of Engineers Fiscal Year 2016 Army Civil Works program Work Plan 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
State & Local Government Port/Waterway Contract Awards $300 $250 $200 $150 $100 $50 $0 California New York Alaska South Carolina Hawaii Texas Washington Florida Virginia Maine Massachusetts Maryland New Jersey Illinois Louisiana Wisconsin Mississippi Connecticut Ohio North Carolina Arkansas Pennsylvania Michigan Kentucky Georgia New Hampshire Rhode Island Alabama South Dakota Minnesota West Virginia Tennessee Nebraska Oregon Idaho Iowa Oklahoma Delaware Wyoming Montana Indiana Vermont Utah Arizona Colorado Kansas Missouri Nevada New Mexico North Dakota District of Columbia Millions of 2016 $ April 2015 - March 2016 Previous 3 years average Source: ARTBA analysis of Dodge Data Analyticsdata. Weighted with the ARTBA Price Index that takes into account material prices, wages and inflation. This only reflects state and local contract awards of port and waterway projects. 2016 ARTBA. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of ARTBA.
Alison Premo Black Senior Vice President & Chief Economist American Road & Transportation Builders Association ablack@artba.org @APremoBlack 202-289-4434