December 2022 Transit Market Recap is a recap of some of the most interesting and useful transit industry news from the previous month. It contains updates on industry drivers, notable projects, and recent mergers and acquisitions, as well as some interesting reads, and upcoming meetings and conferences.
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Industry Drivers
Our data team tracks new and updated industry drivers. Here are some recent drivers we have been following this month:
USDOT FRA Make Available One of the Largest Investments in 50 Years to Expand Intercity Passenger Rail Across America
Status: Proposed
Organization: US Department of Transportation (USDOT)
Summary: On December 7, 2022, the U.S. Department of Transportation (USDOT) issued a Notice of Funding Opportunity (NOFO) with $2.3 billion available in funding through the Federal-State Partnership for Intercity Passenger Rail Grant Program. This funding is available for intercity passenger rail projects outside the Northeast Corridor (NEC). Eligible entities can apply for funding to expand and develop new intercity passenger rail and high-speed rail services by March 07, 2023. In addition, Federal Railroad Administration (FRA) will assist potential applicants with technical assistance before the deadline. Moreover, USDOT announced that federal funds for intercity rail projects in NEC would be available later this year.
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Strategic EV Management Act
Status: Proposed
Organization: U.S. Senate
Summary: On December 15, 2022, the Senate passed the Strategic EV Management Act for reusing and recycling electric batteries in federal fleet vehicles. The Act is included in the Fiscal Year 2023 National Defense Authorization Act and calls federal agencies such as the Office of Management and Budget and General Services Administration to collaborate with US Environmental Protection Agency (EPA), manufacturers, and recyclers to develop a strategic plan for reusing and recycling electric batteries. In addition, the Act calls for the Department of Defense (DOD) to come up with a strategic policy for increasing the number of batteries it recycles within a year after passing the bill. Moreover, the Act directs to offer grants or contracts to battery manufacturers for innovating and improving batteries for defense purposes.
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CPUC Takes Action to Support Transportation Electrification
Status: Proposed
Organization: California Public Utilities Commission (CPUC)
Summary: On December 15, 2022, the California Public Utilities Commission (CPUC) approved two decisions to push the state’s transition of the transportation sector to zero-emission vehicles (ZEVs). As part of the efforts, CPUC authorized Pacific Gas and Electric Company (PG&E) to install 2,822 light-duty level 2 chargers and direct current fast chargers at the workplace, multi-family housing, and public destination sites. The CPUC has slated $52.2 million for phase 1 of this program which will be completed from 2023 to 2025. At least 65% of the funding is appropriated for underserved communities. In addition, the CPUC established a 125 days timeline that utilities must achieve to connect customers with electric vehicle (EV) charging infrastructure to the grid.
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USDOT Announces $1.5 Billion Available Through the 2023 RAISE Grant Program
Status: Proposed
Organization: US Department of Transportation (USDOT)
Summary: On December 15, 2022, the U.S. Department of Transportation (USDOT) issued a Notice of Funding Opportunity (NOFO) for $1.5 billion in funding for transportation projects through the Rebuilding America's Infrastructure with Sustainability and Equity (RAISE) grant program. The funding will focus on projects with significant regional or local impact, improve safety and mobility, and support environmental sustainability. According to USDOT, half of the funding will be slated for rural areas, while half of the grant will be directed to transportation projects in urban areas. In addition, areas with persistent poverty or historically disadvantaged communities will receive at least $15 million. The deadline for RAISE funding is February 28, 2023, and winners will be announced on June 28, 2023.
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Notable M&A
The following M&A transactions in the Transportation Industry stand out in the month of December:
What We Are Reading
Here are some recent articles our team has been reading:
- Metropolitan Transportation Authority releases proposed 2023 budget and four-year financial plan as it faces $600 million deficit
- LG Chem plans $3B Tennessee EV battery plant
- Amtrak gets $4.3B to improve intercity passenger rail network
- New EPA Proposal for Electric Vehicles a Necessary Step to Modernize the Renewable Fuel Standard
- L.A. Metro submits $1.9 billion state funding application package for three key light-rail projects
- L.A. Metro approves $180-million implementation plan to improve bus service on North San Fernando Valley Transit Corridor
- RTA of Northeastern Illinois releases draft of 2023 regional transit strategic plan
- MassDOT partners with Amtrak and CSX for funding for corridor infrastructure projects
- $2.2B Texas DOT projects aim to provide Dallas-area traffic relief
- Amtrak gets $4.3B to improve intercity passenger rail network
- American Battery Factory to open first in planned series of gigafactories
- FRA issues FONSI for New York’s Livingston Avenue Bridge Replacement project
- MBTA completes construction on new Gloucester Drawbridge
- Chicago RTA adopts 2023 regional transit budget and five-year capital program
- MTA Board approves 2023 budget and four-year financial plan
- California Transit Association unveils 2023-2028 strategic plan
- Final part of $2.3B Green Line Extension opens in Boston area
- Federal safety regulators begin investigation into self-driving taxis
- Electric vehicle sales surged in 2022
- Amtrak intercity rail corridor proposals solicited by FRA
- Postal Service to acquire 66,000 EVs by 2028
- FTA announces $686M in grants for rail station accessibility
- Metropolitan Council approves $350 million in transportation projects
- MTA New York City subway hits one billion trip milestone in 2022.
- NICTD secures $27.5 million RRIF loan for Double Track Project
- FRA opens Northeast Corridor Partnership Program with $9 billion available
- CTDOT awards RATP Dev USA contract for management of Hartford, New Haven and Stamford divisions of CTTransit
- FY23 Omnibus legislative package includes $21.2 billion for public transit and $16.6 billion for passenger and freight rail
- UTA Board approves new 2030 Strategic Plan
- Biden-Harris Administration Announces $686 Million in Grants to Modernize Older Transit Stations and Improve Accessibility Across the Country
Meeting Planner
In this over-digitized age, there is no replacement for face-to-face meetings with your prospects and customers! We track meetings of interest to our customers serving the US transit industry so you won’t miss upcoming meetings and deadlines. Also, FirmoGraphs has recently implemented a free-of-charge service for tracking notable infrastructure events.
Meetings in January and February 2023
- ACPA World of Concrete - Jan. 16 - Jan. 19, 2023
- AASHTO Council on Rail Transportation Legislative Meeting - Jan. 31 - Feb. 3, 2023
Early Bird Registration
- Event: Forth Roadmap Conference
Dates: May 15 - May 17, 2023
Deadline for Early Registration: Jan. 16, 2023
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