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FHWA REPORTS ROAD CONSTRUCTION COSTS FOR THIRD QUARTER OF 1998


American Government Topics:  Federal Highway Administration

FHWA REPORTS ROAD CONSTRUCTION COSTS FOR THIRD QUARTER OF 1998

Federal Highway Administration
February 2, 1999

FOR IMMEDIATE RELEASE
Tuesday, February 2, 1999
Contacts: Karen Whitney, (202) 366-0660
Claretta Duren, (202) 366-4636
FHWA 7-99

The Federal Highway Administration (FHWA) today announced that highway construction costs increased 10.1 percent in the third quarter of 1998, and increased 11.9 percent compared to the third quarter of 1997.

The third quarter results raised the FHWA's composite index for highway construction costs to 136.8 percent of the 1987 base index (1987 average costs equal 100 percent).

A large increase in the unit prices for bituminous concrete, portland cement concrete, common excavation, structural concrete, and structural steel raised the index in the third quarter. There was a decrease in the unit price for reinforcing steel.

The three-quarter moving composite price index for the second quarter of 1998 -- obtained by combining data for the first three quarters of 1998Cincreased 1.4 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

3rd Quarter1

1996 1995

124.3

--

119.5

--

4th Quarter 3rd Quarter

1996

119.5

-3.9

125.6

5.1

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

124.1

-0.5

2nd Quarter Quarter

1998

124.2

3.8

125.8

1.4

3rd Quarter

1998

136.8

10.1

--

--

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 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:

Price Index

1987 = 100

Percentage change

this quarter

(3rd quarter, 1998) from:

Component

3rd Quarter 1998

2nd Quarter 1998

3rd Quarter 1997

2nd Quarter 1998

3rd Quarter 1997

Excavation

136.6

115.8

118.9

18.0

14.9

Portland cement concrete

160.6

149.2

163.7

7.6

-1.9

Bituminous concrete

132.9

112.3

106.9

18.3

24.3

Composite surfacing

142.0

124.5

125.5

14.1

13.1

Reinforcing steel

100.7

118.8

121.4

-15.2

-17.1

Structural steel

130.3

119.9

119.2

8.7

9.3

Structural concrete

142.1

132.9

120.6

6.9

17.8

Composite structures

131.9

126.9

120.4

3.9

9.6

Composite price index

136.8

124.2

122.3

10.1

11.9

The price levels of the current component items of the three-quarter moving index in the 2nd 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

(2nd Quarter 1998) from:

Component

2nd Quarter 1998

1st Quarter 1998

2nd Quarter 1997

1st Quarter 1998

2nd Quarter 1997

Excavation

127.7

114.9

120.9

11.1

5.6

Portland cement concrete

157.4

160.4

156.9

-1.9

0.3

Bituminous concrete

100.4

96.2

117.5

4.4

-14.6

Composite surfacing

119.2

117.3

130.5

1.6

-8.7

Reinforcing steel

120.9

129.9

129.6

-6.9

-6.7

Structural steel

125.4

133.2

126.6

-5.9

-0.9

Structural concrete

137.3

134.8

133.5

1.9

2.8

Composite structures

131.4

133.5

131.0

-1.6

0.3

Composite price index

125.8

124.1

129.3

1.4

-2.7

The U.S. average contract unit prices for the index items during the various periods shown are:

Individual Quarters

Three-Quarters

Component

Unit

2nd Quarter 1998

3rd Quarter 1998

1st Quarter 19981

2nd Quarter 19982

Excavation Cubic yard

$2.81

3.31

$2.79

$3.10

Portland cement concrete Square yard3

21.98

23.66

23.63

23.19

Bituminous concrete Ton

27.69

32.77

23.72

24.76

Reinforcing steel Pound

0.521

0.444

0.572

0.553

Structural steel Pound

1.061

1.153

1.179

1.110

Structural concrete Cubic yard

319.99

342.12

324.64

330.77

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.

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