Roads are important. They connect everything – people, places, things. Whether you’re in the asphalt industry like us, or just a part of the motoring public, these long, winding, black pathways are a vital part of everyday life. And fortunately, the future of asphalt paving is looking bright.
According to a recent study from The Freedonia Group, there is expected to be a 3.3 percent yearly increase in demand for asphalt used in highway and street paving projects, resulting in a need for 13.7 million tons of paving asphalt in the year 2021.
So, what is the driving force behind this increase? For one, government funding. Legislation has also played a key role in this prediction, with states considering an increase in fuel excise taxes, like the recently passed IMPROVE Act for Tennessee, which will help fund new highway and highway maintenance projects. Creating overall favorable economic conditions will aid in obtaining more tax revenue used to fund paving projects. Additionally, several legislative bodies are projected to approve direct grants and bonds for road construction and maintenance projects.
This article has been adapted from Pit & Quarry.