Blog | FirmoGraphs, LLC

Transportation Market Recap, February 2024

Written by FirmoGraphs Staff | Mar 11, 2024 11:18:24 AM

The February 2024 Transportation 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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Notable Capital Improvement Programs

Here are some recent, notable Capital Improvement Programs (CIPs). FirmoGraphs has deconstructed the CIPs into data elements, along with available project descriptions. Please feel free to request a meeting and review the data live in our business intelligence application.

City of Newport Beach, California, Planned Capital Expenditure Increased By 11%

In the CIP covering the 2024-2029 fiscal years, City of Newport Beach, California, detailed plans to spend $308 million on capital projects, an increase of 11% from $279 million in its 2023-2028 CIP. The current CIP has 102 line items, compared to 107 line items in the prior CIP. The table below breaks down City of Newport Beach’s planned capital spending by business area for its last two CIPs.

Increase Due to New Projects; Decrease Due to Completed Projects

Planned spending in the Parks, Harbors and Beaches increased by 118% due to new projects, including Newport Pier / McFadden Square Rehabilitation, worth $22 million and Balboa Island Seawall - Permitting and Design, worth $21 million. On the other hand, the Facilities category decreased by 19%  due to completed projects.

Over $20 Million Programmed For Newport Pier

The City of Newport Beach, California has five notable line items valued at over $10 million. The largest line item is the Newport Pier / McFadden Square Rehabilitation, worth $22 million. This project reviews, plans and conceptualizes improvements to the Newport Pier, McFadden Square area at the base of Newport Pier, and associated Oceanfront boardwalk and parking lot areas. Other notable line items include:

  • Balboa Island Seawall - Permitting and Design - worth $21 million, under the Parks, Harbors and Beaches.
  • Balboa Island Drainage Master Plan / Pump Station - worth $19 million, under the Streets and Drainage.
  • West Coast Highway Intersection Improvements & Pedestrian Bridge - worth $15 million, under the Streets and Drainage.
  • Central Library Lecture Hall - worth $12 million, under the Facilities.

Click Here to See City of Newport Beach, California, CIP

Metropolitan Transit Authority of Harris County, Texas, Planned Capital Program Increased By 7%

In the CIP covering the 2024-2028 fiscal years, Metropolitan Transit Authority of Harris County, Texas, detailed plans to spend $4.7 billion on capital projects, an increase of 7% from $4.4 billion in its 2023-2027 CIP. The current CIP has 172 line items, compared to 121 line items in the prior CIP. The table below breaks down Metropolitan Transit Authority of Harris County’s planned capital spending by business area for its last two CIPs.

Planned Spending Programmed For Procurement of New Vehicles

Despite many business areas that decreased, there is a large increase in the Vehicle Acquisition Costs of 61% or $371 million. The funding goes to procurement of new vehicles which involves a wide range of bus fleet and light rail vehicles.

Over $2 Billion Planned for BRT Line Project

The Metropolitan Transit Authority of Harris County, Texas has one notable line item valued at over $2 billion and two at over $100 million, all belonging to the METRONext category. The largest line item is the METRORapid University Corridor BRT Line, worth $2.1 billion that aims to develop a new METRORapid line running for 25.3 miles. In addition, $318 million is planned for the METRORapid Inner Katy BRT Project involving the Inner Katy Corridor to the Northwest Transit Center / Proposed High Speed Rail / Uptown section of the city. The 7.6 mile long Inner Katy METRORapid/BRT route runs along 1 1 0 (Katy Freeway), between the Northwest Transit Center (at the junction of 1 1 0 West and I 61 0) and the Convention District area in Downtown Houston. Lastly, $207 million is planned for the METRORapid Gulfton BRT from Westpark Drive to Bellaire Blvd.

Click Here to See Metropolitan Transit Authority of Harris County, Texas, CIP

City of Tacoma Public Works, Washington, Planned Capital Program Increased By 8%

In the CIP covering the 2024-2029 fiscal years, City of Tacoma Public Works, Washington, detailed plans to spend $912 million on capital projects, an increase of 8% from $844 million in its 2023-2028 CIP. The current CIP has 120 line items, compared to 118 line items in the prior CIP. The table below breaks down Tacoma Public Works, Washington’s planned capital spending by business area for its last two CIPs.

Bridges Category Increased;  Active Transportation Decreased

Planned spending in the Bridges category increased by 31% with funding towards ongoing projects, including Fishing Wars Memorial Bridge Replacement. On the other hand, Active Transportation decreased by 17% due to projects nearing completion. One of these is the Schuster Parkway Promenade that will replace an existing sidewalk with a shared-use promenade along Schuster Parkway between South 4th to North 30th and McCarver.

Bridge Replacement Projects to Receive Over $400 Million

The City of Tacoma Public Works, Washington has two notable line items valued at over $100 million, both belonging to the Bridges category. The largest line item is the Fishing Wars Memorial Bridge Replacement, worth $280 million. This project replaces all spans of the Fishing Wars Memorial Bridge over the Puyallup River. The other one is the East 11th Street Bridge Replacement value at $153 million.

Click Here to See City of Tacoma Public Works, Washington, CIP

Port of Los Angeles, California, Planned Capital Expenditure Increased By 20%

In the CIP covering the 2024 fiscal year, Port of Los Angeles, California, detailed plans to spend nearly $217 million on capital projects, an increase of 20% from $181 million in its 2023 CIP. The current CIP has 18 line items, compared to 17 line items in the prior CIP. The table below breaks down Port of Los Angeles’ planned capital spending by business area for its last two CIPs.

Ongoing Projects Increased

Planned spending in the Terminals category increased by 43% going to existing projects, including the Berths 300-306 Development (Fenix/CGA CGM), which increased by almost $23 million.  The 47% increase in the Maritime Services goes to Miscellaneous projects.

Over $50 Million Planned for Projects under Terminals Category

The Port of Los Angeles, California, has two notable line items valued at over $20 million, both belonging to the Terminals category. The largest line item is the Berths 400-409 Development (Maersk), worth $30 million. The project involves extension to the existing rail bridge, and construction of five new railroad storage tracks, an asphalt access roadway, new crossovers and switches as well as modifications to the existing compressed air system at the Pier 400 Rail Storage Yard will continue, with construction completion expected in January 2024. Another $24 million is planned for the Berths 300-306 Development (Fenix/CGA CGM). 

Click Here to See Port of Los Angeles, California, CIP

Clark County, Nevada, Planned Capital Expenditure Increased By 14%

In the CIP covering the 2024-2028 fiscal years, Clark County, Nevada, detailed plans to spend $7.6 billion on capital projects, an increase of 14% from $6.7 billion in its 2023-2027 CIP. The current CIP has 949 line items, compared to 884 line items in the prior CIP. The table below breaks down Clark County’s planned capital spending by business area for its last two CIPs.

Increase Goes to Rehabilitation and Improvements of Various Projects

Almost all business areas increased. The most significant goes to the Public Works category, which increased by $228 million due to a new project, the Sahara Interchange at 515. The Public Safety category also increased by 44% with funding towards replacing fire and EMS apparatus, station improvements, and construction of new fire stations and new fire apparatus. In Fiscal Year 2023, the University Medical Center began the Revitalize Project, the modernization and unification of building facades worth $62 million, resulting in a 174% increase in this category.

Public Works Project To Receive Over $200 Million of Investment

Almost all business areas increased. The most significant goes to the Public Works category, which increased by $228 million due to a new project, the Sahara Interchange at 515. The Public Safety category also increased by 44% with funding towards replacing fire and EMS apparatus, station improvements, and construction of new fire stations and new fire apparatus. In Fiscal Year 2023, the University Medical Center began the Revitalize Project, the modernization and unification of building facades worth $62 million, resulting in a 174% increase in this category.
Clark County, Nevada, has eight notable line items valued at over $100 million. The largest line item is the Sahara Interchange at 515, worth $212 million, under the Public Works category. Other notable line items include:

  • Summerlin System to System Interchange - worth $163 million, under the Public Works category. The project includes the reconfiguration of interchange ramps and the construction of new ramps, four new roadway bridges, and widening the existing Summerlin Parkway bridge
  • Pecos to Stephanie Widening - worth $108 million, under the Public Works category. The project involves widening from 3 to 5 lanes with interchange/ramp modifications at Pecos Road, Green Valley Parkway, Valle Verde Drive, Stephanie Street and installation of a pedestrian bridge at Green Valley Parkway.
  • Decatur to I-15 Widening, Phase II -  worth $107 million, under the Public Works category.
  • Revere to I-15 Widening - worth $105 million, under the Public Works category.
  • US 95 to Revere Widening - worth $100 million, under the Public Works category.
  • Arterial Reconstruction Program - worth $101 million, under the Regional Transportation category. 

    Click Here to See Port of Clark County, Nevada, CIP

What We Are Reading

Here are some recent articles our team has been reading:


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 U.S. transit industry so you won’t miss upcoming meetings and deadlines. Additionally, FirmoGraphs has recently implemented a free-of-charge service for tracking notable infrastructure events


Meetings in March and April 2024

Name Organization

Name Meeting

Date Start

Date End

SAE International

SAE International  AeroTech Conference & Exhibition

2024-03-12

2024-03-14

Aircraft Electronics Association

AEA International Convention & Trade Show

2024-03-19

2024-03-22

National Asphalt Pavement Association

NAPA World of Asphalt Show & Conference

2024-03-25

2024-03-27

National Stone, Sand, and Gravel Association

NSSGA Aggregates Academy & Expo

2024-03-25

2024-03-27

American Association of State Highway and Transportation Officials

AASHTO GIS for Transportation Symposium

2024-04-02

2024-04-05

American Association of State Highway and Transportation Officials

AASHTO Committee on Right of Way, Utilities and Outdoor Advertising Control Annual Meeting

2024-04-07

2024-04-11

American Association of State Highway and Transportation Officials

AASHTO Spring Meeting

2024-04-23

2024-04-26

 

Early Bird Registration

  • Event: AASHTO Spring Meeting
    Dates: April 19 - April 23, 2024
    Deadline for Early Registration: April 19, 2024