At a news conference at US Department of Transportation headquarters today President Obama, joined by Vice President Joe Biden and Transportation Secretary Ray LaHood announced that funding has been obligated for 2000 transportation projects, totaling over $6 billion with money provided in the American Recovery and Reinvestment Act (ARRA) economic stimulus legislation. "Just 41 days ago we announced funding for the first transportation project under ARRA and today we're approving the 2,000th project," said President Obama. "I am proud to utter the two rarest phrases in the English language - projects are being approved ahead of schedule, and they are coming in under budget." State departments of transportation around the country have reported to FHWA intense competition by contractors for ARRA projects. Bids have been roughly 15 to 20 percent lower on average, and as much as 30 percent below the engineers estimate in some cases. Only seven states have not obligated funds at this point.
The ARRA legislation requires states to obligate 50 percent of these transportation funds within 120 days of apportionment, which occurred on March 2, 2009. States that do not obligate 50 percent of their transportation funds by June 30 will lose those funds to states that have met the deadline. The over $6 billion obligated thus far is approximately 60 percent of the amount covered in this first deadline.
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