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The Federal Highway Administration’s (FHWA) latest quarterly National Highway Construction Cost Index includes the first major revision since it was created 10 years ago. It is being dubbed NHCCI 2.0.
The revision, the agency says, “reflects steadily rising costs of highway construction and repair.” This latest report shows highway construction costs have increased 67 percent compared to 2003.
“Such information is of critical importance to national transportation decision makers, who rely on forecasts and cost-estimates to ensure sufficient financial support for the nation’s growing transportation needs,” FHWA reports.
The report shows that asphalt costs have increased 107 percent between 2003 and 2016, with concrete costs growing by 61 percent in that time period and metal by 45 percent.
Individual states saw large increases in the 13-year span, with California’s composite construction cost index growing by 143 percent and Texas realizing an increase of 122 percent.
FHWA has made the entire NHCCI 2.0 available here.