After states tapped into their FY 2022 federal highway formula funds, they managed to kick off nearly 25,000 new improvement projects across the United States following the passage of the Infrastructure Investment and Jobs Act (IIJA) last year, according to data from the Treasury Department.
Signed into law by President Joe Biden in November of 2021, the IIJA injected millions into economy-spurring efforts. According to an American Road & Transportation Builders Association (ARTBA) report, nearly 90 percent of its highway funds were dispensed by existing formula to states. The remainder was issued through discretionary grant awards and other allocated federal programs.
