P3s boost US construction growth

P3s are to play a key role in the US construction market growing to $191.7bn in 2015, the American Road and Transportation Builders Association (ARTBA) has claimed.

A forecast from ARTBA revealed that the market was due to grow 3.1% over the next year, up from $185.9bn in 2014.

The report said that the continued upsurge of US transportation P3s would be a significant driver in the growth, citing new deals signed this year in Colorado, Pennsylvania, Ohio and North Carolina.

Contractors will also have an additional $30-$40bn in business opportunities from private highway and bridge work that is completed as part of housing developments and larger commercial structures, according to ARTBA chief economist Dr Alison Premo Black.

The US highway market will reach $64.9bn, up 2.1% from $63.5bn in 2014. Ports will increase slightly to $2.8bn, up from $2.7bn last year.

In addition, record growth is expected to continue in the bridge and tunnel construction market, increasing from $30.8bn in 2014 to $31.3bn in 2015.

ARTBA is also forecasting that light rail, subway and railroad construction will increase from $18.3bn to $20.9bn in 2015.