Fascinating discussion of this important report from guest blogger Gizachew Zewdu.
Resource constraints and choice among competing uses has been, and continues to be, at the center of discussions concerning funding and budgeting.
The 2015 AASHTO Bottom Line Report outlines the future of transportation funding requirements. This report shows that “an annual investment of $120 billion for highways and bridges between 2015 and 2020 is necessary to improve the condition and performance of the system…” The report considers the likely impact of population growth and economic recovery on the rate of growth of annual vehicle miles of travel.
The $120 billion annual funding requirement is based on a 1.0 percent growth rate of vehicle miles of travel; if the rate increases to a 1.4 percent the required yearly funding increases to $144 billion a year.
On top of the $120 billion, an annual investment of $43 billion is needed for public transportation with an estimated 2.4 percent annual growth in transit passenger miles of travel.
The current level of annual funding for highways and bridges (2010) is $88.3 billion while the capital investment for transit (2011) from all levels of government totaled $17.1 billion.
The level of funding requirement described above (for 2015 – 2020) does not include highway operation investments, safety & security, and environmental mitigation costs for highways and transit capital projects estimated to total $10 billion per year.
Read the full report here.