A major infusion of $61 billion will soon flow to all 50 states, the District of Columbia, and Puerto Rico for vital transportation projects, according to the U.S. Department of Transportation's Federal Highway Administration (FHWA). This allocation, announced on Thursday, October 5, 2023, comes under the third year of President Biden's Bipartisan Infrastructure Law.
The $61 billion in Fiscal Year 2024 apportionments will support 12 formula programs aimed at investing in critical infrastructure, including roads, bridges, and tunnels, as well as carbon emission reduction, safety improvements, and workforce development.
U.S. Transportation Secretary Pete Buttigieg emphasized the significance of this initiative, stating, "Long-needed major improvements are coming to America's network of roads, bridges, and highways. Thanks to President Biden, we are proud to deliver funding to modernize roads and bridges across America, strengthening our supply chains, creating good-paying jobs, and connecting Americans to every corner of this country."
The allocation for Fiscal Year 2024 is $17.6 billion more than the amount earmarked for Fiscal Year 2021, marking the most substantial commitment to transportation infrastructure since the inception of the Interstate Highway System in the mid-20th century. The annual disbursement, governed by Congress-set formulas, is overseen by the FHWA.
Federal Highway Administrator Shailen Bhatt highlighted the transformative nature of these investments, stating, "These historic investments in American infrastructure give states the flexibility they need to determine how to allocate funds for a range of transportation projects, such as improving safety for all road users, replacing aging bridges, and reducing carbon emissions. This funding will allow states to continue the important work of President Biden's Bipartisan Infrastructure Law that is making our infrastructure safer and more efficient for the millions of Americans who rely on it to get to school, work, and other important destinations every day."
