Stimulus spending was down in November compared with October. According to a recently released PCA Market Intelligence Report, November highway stimulus spending was $1.047 billion, an 11 percent decrease from October’s spending rate. Through November, 60 percent of total American Recovery and Reinvestment Act (ARRA) highway funds had been dispersed, compared to 56.7 percent through the end of October.
Monthly spending levels hit a peak in September at $1.361 billion. Over the three-month period between September and November, spending averaged $1.256 billion per month.
South Dakota surpassed Wyoming with the largest share of stimulus funds spend, at 95.1 percent. Wyoming weighed in at 93.8 percent and Maine remained in third position at 92.7 percent. Virginia, at 21.1 percent, continues to have spent the least amount of ARRA highway funds as an overall percentage, followed by Hawaii at 24.1 percent. The five largest cement-consuming states have 51.7 percent of their stimulus funds available—down from 55.7 percent 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 by this time next year.