The U.S. Department of Transportation’s Federal Highway Administration (FHWA) recently announced that it has allocated $61 billion in Fiscal Year 2024 apportionments for 12 formula programs to support investment in critical infrastructure, including roads, bridges and tunnels, carbon emission reduction, and safety improvements, utilizing funding from the bipartisan Infrastructure Investment and Jobs Act (IIJA).
The funds go directly to all 50 States, the District of Columbia, and Puerto Rico, and help them continue the important work of rebuilding our roads and bridges and making the transportation system more efficient.
“Long-needed major improvements are coming to America’s network of roads, bridges, and highways,” said U.S. Transportation Secretary Pete Buttigieg in the press release announcing the funds. “Thanks to President Biden, we are proud to deliver funding to modernize roads and bridges across America--strengthening our supply chains, creating good-paying jobs, and connecting Americans to every corner of this country.”
The IIJA makes the single largest dedicated investment in our transportation infrastructure since the construction of the Interstate Highway System in the 1950s and 1960s. The $61 billion in funding for Fiscal Year 2024 is the third year of funding under the IIJA and represents an increase of $17.6 billion in formula programs as compared to Fiscal Year 2021, the last fiscal year before the IIJA was implemented.
“These historic investments in American infrastructure give States the flexibility they need to determine how to allocate funds for a range of transportation projects such as improving safety for all road users, replacing aging bridges, and reducing carbon emissions,” said Federal Highway Administrator Shailen Bhatt in the release. “This funding will allow States to continue the important work of President Biden’s Bipartisan Infrastructure Law that is making our infrastructure safer and more efficient for the millions of Americans who rely on it to get to school, work, and other important destinations every day.”
Federal-aid Highway Program funds are authorized periodically by Congress in multi-year laws to assist states in providing for construction, reconstruction, and improvement of highways and bridges on eligible Federal-aid routes and for other special purpose programs and projects. The IIJA established or continued FHWA programs and authorized funding for those programs from the Highway Trust Fund and General Fund.
Source: The U.S. Department of Transportation