Asphalt Product Manufacturers NAICS 324121, 324122

Jun 6, 2026 - House Committee Proposes Transportation Funding Bill

• According to Engineering News-Record, leaders of the House Transportation and Infrastructure Committee released a roughly $580 billion proposal, the BUILD America 250 Act, to guide federal transportation investment through fiscal 2031 after the 2021 Infrastructure Investment and Jobs Act (IIJA) expires. The bill emphasizes formula funding, with more than 90% of highway funds distributed that way, aiming to speed project delivery and give states greater flexibility. Industry groups support the predictability but question whether it preserves IIJA-era funding certainty. About $474.4 billion would come from the Highway Trust Fund authority, while $106 billion would rely on future appropriations, according to analysis by law firm Holland & Knight. The proposal would also eliminate some climate programs, add fees on electric vehicles, and raise review thresholds to streamline approvals, while economists caution that private financing cannot replace sustained federal spending.
• The total value of US construction put in place rose 0.4% in April 2026 compared to the prior month, according to the US Census Bureau. Residential spending grew 0.8%, and nonresidential spending increased 0.1%. Overall, construction spending in April surpassed economists' expectations of just 0.2% growth. A 1.4% increase in single-family project spending led April's growth, even as the conflict with Iran stoked inflation and sent the 30-year fixed mortgage rate higher. Spending on private nonresidential buildings declined 0.2% in April. Private nonresidential structure spending has fallen for nine consecutive quarters, despite the data center boom. Bright spots in April nonresidential building construction included a 1.9% rise in public safety project spending and a 1% increase in offices (a category that includes data centers). Lodging, educational, and healthcare also saw slight upticks. Spending for highway and street projects rose 0.4% in April over March.

• According to FMI’s second-quarter 2026 North American Engineering and Construction Outlook, highway and street construction spending is expected to remain essentially flat in 2026, slipping about 0.4% after a roughly 1% decline in 2025. Highway and street construction activity will continue as Infrastructure Investment and Jobs Act funding matures and project completions offset fewer new starts. Federal highway program funding remains elevated at about $56.8 billion for fiscal 2026, supporting ongoing work, particularly bridge projects, where spending has risen about 10% year over year. However, uncertainty surrounding surface transportation reauthorization before the Sept. 30, 2026, expiration of the current authorization creates risk for future funding levels. States are pursuing measures such as fuel tax indexation and electric vehicle registration fees to support long-term funding. Rising diesel, asphalt, steel, and rebar costs are also pressuring margins for highway and street contractors.
• Demand for building design services declined in April 2026 over the prior month, as architectural billings remain soft, according to a May report by the American Institute of Architects (AIA). The AIA’s Architecture Billing Index (ABI) fell to 48.3 in April from March’s reading of 49.8. Any reading of 50 or more indicates growth in architectural billings. The score for new project inquiries rose to 57.7 in April compared to 56.8 in March, and the index for the value of new design contracts increased from 47.8 to 48.0. The AIA’s Chief Economist, Richard Branch said, "April’s economic picture was mixed as employers continued to add jobs, but inflation accelerated as higher energy prices tied to the conflict in Iran drove up costs. While a proposed gas tax holiday could offer some short-term relief, energy prices are unlikely to ease meaningfully until the conflict ends."