In a significant move to enhance the nation's infrastructure, the Federal Highway Administration announced on November 4, 2024, the allocation of $635 million in federal funds for 22 bridge improvement projects across nearly 20 states. This funding is part of the broader $40 billion initiative from the Bipartisan Infrastructure Law aimed at rebuilding, repairing, or modernizing over 11,000 bridges nationwide [40b7a5c6].
The announcement highlights notable projects such as the Ghiglione Bridge in Alaska, which will receive $13.4 million, the Interstate 40 Traffic Interchange in Arizona with $27.5 million, the Helena Bridge spanning Arkansas and Mississippi at $43.9 million, and the Lincoln Avenue Bridge in New Jersey, which is set to receive $47 million. These projects are expected to not only improve transportation safety but also bolster economic competitiveness in their respective regions [40b7a5c6].
Construction in the US continues to thrive, with several major projects underway, including a $1.2 billion bundle of contracts awarded to Houston-based construction firm Webber, a subsidiary of Ferrovial. These projects encompass significant expansions and upgrades to highways and wastewater treatment facilities in Texas and Florida, aimed at enhancing regional infrastructure [d9e39fac].
Additionally, the Hudson Tunnel Project (HTP) has secured full funding, with the Gateway Development Commission signing a Full Funding Grant Agreement with the Federal Transit Administration for $6.88 billion. This project, which began construction in November 2023, is expected to create 95,000 jobs and generate $19.6 billion in economic activity [7343455c].
The Biden administration's recent announcement of $5 billion in federal grants to replace or improve aging bridges in 16 states complements these efforts, addressing the urgent need for infrastructure repairs across the nation. The grants are part of a larger strategy to tackle the estimated $319 billion required for bridge repairs, as highlighted by the American Road Transportation Builders Association [f5d3df97].
Ferrovial has reported a significant increase in profits, largely attributed to its successful ventures in the US. The company's profits soared to 414 million euros ($448 million) in the first half of 2024, driven by its express lanes and increased traffic at London's Heathrow Airport. Ferrovial's strong focus on the US market, which accounts for 71% of its investments, positions it well to capitalize on the growing infrastructure needs [6a059f87].