The U.S. Treasury Department has increased projections for expected growth in revenue from highway travel, which is now expected to top $17.6 billion versus earlier estimates of $10 billion over six years.
The $10 billion, covering FY 2004 through FY 2009, was based on an expected annual growth rate in vehicle miles traveled of 2.2%. The new growth rate is 3%, adding an estimated $7.6 billion in additional revenue.
As a result of the new estimates, the American Association of State Highway & Transportation Officials' Board of Directors approved a resolution increasing the association's federal funding objectives for reauthorization to recommend an annual highway program increase to at least $45 billion by FY 2009. The board also recommended an increase in the federal-aid transit programs to at least $11 billion by FY 2009.
