FHWA Report Tracks Highway Construction Inflation

Construction costs nationwide grew by an estimated 68 percent during the past 13 years, with key components measured by the Bureau of Labor Statistics, such as asphalt, concrete, and metal, growing at 107 percent, 61 percent, and 45 percent, respectively between 2003 and 2016.

DOT's Federal Highway Administration on July 19 released its latest National Highway Construction Cost Index, which is a quarterly estimate of the rising cost of domestic highway construction and maintenance over time. It is the first time the Index – now called NHCCI 2.0 – has been published since the agency made major methodological revisions to improve its accuracy.

NHCCI 2.0 is the first major revision since FHWA created the index in 2007 and reflects steadily rising costs of highway construction and repair, according to the agency, which said although the data fluctuate slightly each quarter because of various factors (including market conditions, labor supply, materials costs, and inflation), the latest figures show highway construction costs today are up by 67 percent from similar costs in 2003.

The information is important to infrastructure decision makers who rely on forecasts and cost estimates to ensure sufficient financial support for the nation's growing transportation needs. According to the new index, highway construction costs nationwide grew by an estimated 68 percent during the past 13 years, with key components measured by the Bureau of Labor Statistics, such as asphalt, concrete, and metal, growing at 107 percent, 61 percent, and 45 percent, respectively between 2003 and 2016.

"Many states track their own construction costs, with some experiencing much higher inflation than others. For example, California's composite cost index increased by 143 percent between 2003 to 2016, while Texas' increased by only 122 percent over the same period," FHWA reported.

Download Center

HTML - No Current Item Deck
  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • Get the Ultimate Guide to OSHA Recordkeeping

    When it comes to OSHA recordkeeping there are always questions regarding the requirements and in and outs. IndustrySafe is here to help. We put together this page with critical information to help answer your key questions about OSHA recordkeeping.

  • Safety Training 101

    When it comes to safety training, no matter the industry, there are always questions regarding requirements and certifications. We put together a guide that’s easy to digest so you can ensure you're complying with OSHA's training standards.

  • Conduct EHS Inspections and Audits

    Record and manage your organization’s inspection data with IndustrySafe’s Inspections module. IndustrySafe’s pre-built forms and checklists may be used as is, or can be customized to better suit the needs of your organization.

  • Track Key Safety Performance Indicators

    IndustrySafe’s Dashboard Module allows organizations to easily track safety KPIs and metrics. Gain increased visibility into your business’ operations and safety data.

  • Industry Safe
comments powered by Disqus