The U.S. Department of Transportation’s (DOT) Federal Highway Administration (FHA) last week opened a funding opportunity for the Competitive Bridge Investment Program created by the Public Investment and Jobs Act of 2021. infrastructure, pledging nearly $2.4 billion this year for bridge work.
This money, drawn from the nearly $12.5 billion to be provided over the next five years, is intended to improve supply chains, reduce prices and improve transportation through planning, replacement, rehabilitation, protection and preservation of the country’s bridges. The bridge investment program has expanded the eligibility of applicants at all levels of government to be direct recipients of program funds.
The program allows for multi-year grant agreements to better fund major projects on pre-construction and in construction activities. In terms of construction, these grants cover both major projects over $100 million and bridge projects up to $100 million. Its grants also help fund the planning process, including feasibility analyzes and revenue projections.
“With the resources of President Biden’s bipartisan Infrastructure Act, we are excited to begin accepting applications for one of the largest investments in our bridges in decades, fixing everything from the most important bridges on the economic plan to small bridges that mean everything to a local community,” said U.S. Transportation Secretary Pete Buttigieg. “When these bridges are repaired, the American people will benefit from greater security, reduced shipping costs for consumers and maintenance costs for drivers, faster movement of goods through our supply, fuel savings and valuable time back to their day.”
These funds are in addition to the more than $27 billion already provided to states through the Bridge Formula program. A total of $40 billion has been made available through the bipartisan Infrastructure Act for this aspect of things, representing the largest investment dedicated to bridges since the construction of the Interstate freeway system.
“These funds will make a significant contribution to improving the condition of our nation’s aging bridges, both large, iconic bridge projects that are important to our national economy, as well as smaller structures that provide benefits at levels regional and local and are critical to communities across the country,” said Stephanie Pollack, Assistant Federal Highways Administrator. “FHWA designed this program to meet the needs of communities and bridges of all sizes, including those which are still in the planning stage.”