According to a recently released Portland Cement Association Market Intelligence report, 60.6% of total American Recovery and Reinvestment Act (ARRA) highway funds have been dispersed through November, compared to 56.7% in October. November highway stimulus spending was $1.047 billion, an 11% decrease from October’s spending rate. Monthly spending levels in September were the highest level to date. Spending has averaged $1.256 billion in the last three months, down from the peak September average of $1.361 billion.
South Dakota (95.1%) surpassed Wyoming (93.8%) with the largest share of stimulus funds spent, while Maine (92.7%) remains in third. Virginia (21.1%) continues to have spent the least amount of ARRA highway funds followed by Hawaii (24.1%). The five largest cement consuming states have 51.7% of their stimulus funds available—down from 55.7% last month.
According to a review of project details, if seasonal patterns repeat, the first quarter of 2011 is expected to see an accelerated decline in spending. PCA maintains expectations of $9 billion in highway stimulus spending in 2011, with funds nearly depleted this time next year.