WASHINGTON — Federal, state and local departments of transportation have so far obligated $7 billion in federal highway funds during fiscal year 2013, a 56% increase over the same period last year, according to a new report from the American Road & Transportation Builders Association.

Alison Premo Black, ARTBA’s chief economist, attributes the upswing to the passage of federal transportation legislation called MAP-21 last July that provided the funding stability that state and local leaders sought before spending money — including bond proceeds — on transportation projects. Through the same period in fiscal 2012, $4.5 billion had been obligated.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.