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Road & Highway Services in the US - Industry Market Research Report

United States highway services market: $18.4 billion industry by 2018


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2014-02-17 19:59:01 - Road & Highway Services in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com

The United States Highway Services market supplies specialized construction services for transportation infrastructure projects. The industry principally generates revenue as specialized trade subcontractors to road authorities and construction contractors on road maintenance and construction projects.

Industry firms and those in the aligned Road and Highway Construction industry (IBISWorld report 23411a), Road and Highway Maintenance industry (23411b), and Bridge and Tunnel Construction industry (23412) compete in the total market for road and highway services.

The industry also faces competition from firms operating in specialized construction trades, such as concreting, painting and structural steel erection.

In the five years to 2013, IBISWorld expects total industry revenue to climb at an average annual rate of 2.3% to total $16.1 billion. While the Great Recession has brought

 

 

a heavy toll on almost every US construction industry, robust federal stimulus investment in infrastructure development under the 2009 American Recovery and Reconstruction Act has supported the industry through this turbulent time.

A large amount of projects funded by this act require road and highway services from the industry, including traffic barrier creation, road surface repaving, sign improvement and roadside facility formation. As such, industry revenue grew substantially in 2009 and 2010. Likewise, in 2013, revenue is projected to grow 1.3% as the Moving Ahead for Progress in the 21st Century Act (MAP-21) takes effect and state and local governments gain control of its budgets.

Looking forward, the federal commitment to highway and infrastructure funding and the overall health of the US economy will determine industry performance. In the five years to 2018, IBISWorld forecasts revenue will increase at an average annual rate of 2.7% to total $18.4 billion. From 2013 on, the industry is projected to return to moderate growth with the new surface transportation bill, MAP-21, and further improvements in the US economy.

Specifically, MAP-21 will work to improve bridges, fix roads and reduce congestion. Overall, consumer spending, private sector development and state and local governments´ transportation funding is forecast to boost industry performance. Additionally, industry profit is expected to increase over the next five years as competitive pressures ease slightly.

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