FHWA REPORTS ROAD CONSTRUCTION COSTS FOR FOURTH QUARTER OF 1998 |
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Topics: Federal Highway Administration
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Federal Highway Administration
February 16, 1999
FOR IMMEDIATE RELEASE
Tuesday, February 16, 1999
Contacts: Karen Whitney, (202) 366-0660
Claretta Duren, (202) 366-4636
FHWA 10-99
The Federal Highway Administration (FHWA) today announced that highway construction costs decreased 3.9 percent in the fourth quarter of 1998 and 4.9 percent compared to the fourth quarter a year ago.
The fourth quarter results lowered the FHWA's composite index for highway construction costs to 131.4 percent of the 1987 base index (1987 average costs equal 100 percent).
A decrease in the unit prices for bituminous concrete, common excavation, and structural steel lowered the index in the fourth quarter. There were increases in the unit prices for portland cement concrete, structural concrete, and reinforcing steel.
The three-quarter moving composite price index for the third quarter of 1998—obtained by combining data for the first three quarters of 1998—increased 3.8 percent from the previous three-quarter average.
Trends in highway construction costs are measured by an index of average contract prices compiled from reports of state highway contract awards for federal-aid contracts greater than $500,000. Since the enactment of the Intermodal Surface Transportation Efficiency Act of 1991, the index reflects federal-aid contracts on the National Highway System.
The composite price indices during the past two years and the percentage changes from the preceding quarter have been as follows:
Quarter |
Year |
Quarterly Price Index |
Percentage Change |
Three-quarter Moving Index1 |
Percentage Change |
| 4th Quarter1 | 1996 1995 |
119.5 |
-- |
125.6 |
-- |
| 1st Quarter Quarter | 1997 |
133.6 |
11.8 |
127.7 |
1.7 |
| 2nd Quarter Quarter | 1997 |
130.4 |
-2.4 |
129.3 |
1.3 |
| 3rd Quarter 2nd Quarter | 1997 |
122.3 |
-6.2 |
129.4 |
0.1 |
| 4th Quarter Quarter | 1997 |
138.2 |
13.0 |
124.7 |
-3.6 |
| 1st Quarter Quarter | 1998 |
119.6 |
-13.5 |
124.6 |
-0.1 |
| 2nd Quarter Quarter | 1998 |
125.6 |
5.0 |
125.8 |
1.0 |
| 3rd Quarter | 1998 |
136.8 |
8.9 125.8 |
130.6 |
3.8 |
| 4th Quarter | 1998 |
131.4 |
-3.9 |
-- |
-- |
1 For the three-quarter moving index, these are the middle quarters of the three-quarter periods.
The price levels of the component items of the quarterly index in the 4th quarter of 1998, the previous quarter, and the same quarter a year ago, and the corresponding percentage changes, are shown in the following table:
Price Index 1987 = 100 |
Percentage change this quarter (4th quarter, 1998) from: |
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| Component | 4th Quarter 1998 |
3rd Quarter 1998 |
4th Quarter 1997 |
3rd Quarter 1998 |
4th Quarter 1997 |
|
| Excavation | 114.1 |
136.6 |
102.7 |
-16.5 |
11.1 |
|
| Portland cement concrete | 170.8 |
160.6 |
192.5 |
6.4 |
-11.3 |
|
| Bituminous concrete | 104.7 |
132.9 |
126.4 |
-21.2 |
-17.2 |
|
Composite surfacing |
126.4 |
142.0 |
148.1 |
-11.0 |
-14.7 |
|
| Reinforcing steel | 133.5 |
100.7 |
124.7 |
32.6 |
7.1 |
|
| Structural steel | 125.8 |
130.3 |
171.9 |
-3.5 |
-26.8 |
|
| Structural concrete | 152.0 |
142.1 |
131.9 |
7.0 |
15.2 |
|
Composite structures |
141.9 |
131.9 |
141.2 |
7.6 |
0.5 |
|
| Composite price index | 131.4 |
136.8 |
138.2 |
-3.9 |
-4.9 |
|
The price levels of the current component items of the three-quarter moving index in the 3rd quarter of 1998, the previous quarter, and the same quarter a year ago, and the corresponding percentage changes, are shown in the following table:
Three-Quarter Moving Price Index 1987 = 100 |
Percentage Change This Quarter (3rd Quarter 1998) from: |
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| Component | 3rd Quarter 1998 |
2nd Quarter 1998 |
3rd Quarter 1997 |
2nd Quarter 1998 |
3rd Quarter 1997 |
|
| Excavation | 124.6 |
127.7 |
120.4 |
-2.4 |
3.5 |
|
| Portland cement concrete | 161.2 |
157.4 |
166.9 |
2.4 |
-3.4 |
|
| Bituminous concrete | 117.0 |
100.4 |
116.2 |
16.5 |
0.7 |
|
Composite surfacing |
131.5 |
119.2 |
132.8 |
1.9 |
-8.5 |
|
| Reinforcing steel | 116.1 |
120.9 |
126.9 |
-4.0 |
-8.5 |
|
| Structural steel | 123.5 |
125.4 |
135.4 |
-1.5 |
-8.8 |
|
| Structural concrete | 140.2 |
137.3 |
126.9 |
2.1 |
10.5 |
|
Composite structures |
131.7 |
131.4 |
129.2 |
0.2 |
1.9 |
|
| Composite price index | 130.6 |
125.8 |
129.4 |
3.8 |
0.9 |
|
The U.S. average contract unit prices for the index items during the various periods shown are:
Individual Quarters |
Three-Quarters |
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| Component | Unit |
3rd Quarter 1998 |
4th Quarter 1998 |
2nd Quarter 19981 |
3rd Quarter 19982 |
|
| Excavation | Cubic yard | 3.31 |
2.77 |
$3.10 |
3.02 |
|
| Portland cement concrete | Square yard3 | 23.66 |
25.16 |
23.19 |
23.75 |
|
| Bituminous concrete | Ton | 32.77 |
25.80 |
24.76 |
28.85 |
|
| Reinforcing steel | Pound | 0.444 |
0.588 |
0.533 |
0.512 |
|
| Structural steel | Pound | 1.153 |
1.114 |
1.110 |
1.093 |
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| Structural concrete | Cubic yard | 342.12 |
366.06 |
330.77 |
337.68 |
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1 Weighted
average unit prices for the last quarter of 1997 and the first
two quarters of 1998.
2 Weighted average unit prices for the
first three quarters of 1998.
3 Prices for Portland cement concrete
surfacing reflect adjustments to a standard 9-inch thickness and
do not include costs for reinforcing steel and joints.