As Congress prepares to debate a long-term highway financing bill later this month, a report by an industry trade group estimates the transportation construction industry’s impact on the US economy is larger than the annual Gross Domestic Product of 160 nations.
The study, authored by the American Road & Transportation Builders Association’s chief economist Dr. Alison Premo Black, finds the money invested in transportation construction industry employment and purchases generates almost $510 billion in annual U.S. economic activity—and accounts for 1.6% of the country’s Gross Domestic Product. The construction transportation sector’s contribution to the US economy is larger than the annual GDP of 160 nations ranked by the International Monetary Fund, including: Denmark ($361.3 billion); Israel ($321.2 billion); Ireland ($252.6 billion); and New Zealand ($211.4 billion).
The report, "The 2015 U.S. Transportation Construction Industry Profile" estimates the annual value of public and private transportation construction and maintenance work will be nearly $275 billion in 2015. It ranks larger than US industry sectors such as wireless communications carriers ($254 billion); food and beverage stores ($222.5 billion); insurance agencies and brokers ($219.5 billion); nursing care facilities ($171.1 billion); aircraft manufacturing ($158.3 billion); and automobile manufacturing ($131.4 billion), among others.
Read more from the report here: Transportation Construction Worth About $510B to US Economy