The U.S. Department of Transportation's (USDOT) Federal Highway Administration (FHWA) announced yesterday that it is releasing $59.9 billion in Fiscal Year 2023 funds for 12 formula programs in order to invest in crucial infrastructure such as roads, bridges and tunnels, carbon emission reduction, and safety improvements utilizing funding from the bipartisan Infrastructure Investment and Jobs Act (IIJA).
“America’s roads and bridges are the vital arteries of our transportation system, connecting people and goods across the country,” said U.S. Transportation Secretary Pete Buttigieg. “Because of President Biden’s Bipartisan Infrastructure Law, today we are sending historic levels of funding to every state to help modernize the roads and bridges Americans rely on every day.”
The $59.9 billion in funding for Fiscal Year 2023 is the second year of funding under the IIJA and represents an increase of $15.4 billion in formula programs as compared to Fiscal Year 2021, the last fiscal year before the IIJA was implemented. This funding is distributed annually by FHWA based on Congressionally mandated formulas.
“These historic investments in American infrastructure give States the flexibility they need to determine how to allocate funds in order to replace deficient bridges, improve safety for all road users, and reduce carbon emissions by improving transportation infrastructure for communities throughout each state,” said Acting FHWA Stephanie Pollack. “This funding we are announcing today will allow States to continue the important work of President Biden’s Bipartisan Infrastructure Law that will make our infrastructure safer and more efficient for the tens of millions of American families that count on it to get to school, work, and critical medical care every day.”
Federal-aid Highway Program funds are authorized periodically by Congress in multi-year laws to assist the States in providing for construction, reconstruction, and improvement of highways and bridges on eligible Federal-aid routes and for other special purpose programs and projects. The IIJA established or continued FHWA programs and authorized funding for those programs from the Highway Trust Fund and General Fund.
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Source: USDOT
