Recent market data on the transportation construction industry issued by the ARTBA Economics and Research team showed that work being performed on existing projects is booming, but new contract awards for transportation projects are down. According to the U.S. Census Bureau, contractors did a record $6.9 billion worth of construction work on highway and bridge projects in June 2004 versus $6.3 billion in June 2003.
However, the value of new contract award continues to fall behind last year's pace. So far this year $22 billion of new contracts have been issued for transportation, down $4.4 billion from a total of $26.4 billion at this time in 2003. Through June $20.5 billion of new contracts have been awarded for highway and bridge construction projects, down $4 billion from $24.5 billion through June 2003.
