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ARRA Spending Drops in April

According to a recently released PCA Market Intelligence report, 71.3 percent of total American Recovery and Reinvestment Act (ARRA) highway funds have been dispersed through April, compared to 69.7 percent in March.  April highway stimulus spending was $436 million, which was a 19 percent decrease from March’s spending rate.   However, against year-ago levels, April spending declined 31 percent.  In the last three months, spending has averaged $476 million per month.

Oklahoma (98.1 percent), South Dakota (97.8 percent), and Wyoming (96 percent) have spent the largest share of their allocated funds. Eleven states have spent more than 90 percent of their funds, compared to seven at the start of the year. Accelerated spending in Virginia (33.5 percent) lifted the region from last in terms of spent funds. Hawaii (32.8 percent) is now the laggard in ARRA spending. The five largest cement-consuming states have 38.4 percent of their stimulus funds available—down from 40.6 percent last month.

Highway stimulus spending in 2010 amounted to $11.4 billion, double that of 2009. Stimulus spending weakened considerably in April with levels nearing February’s 2011 low. The weakness was broad-based, as spending in 32 states in April was lower than that in the prior month. PCA continues to look for accelerated spending in the coming months despite recent weakness.

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