Investment in Rail Projects in the US is Slowing

Value of Mass Transit Construction Put in Place, Previous 12 Months, in billions of July 2026 Dollars

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Source: Author analysis of Census Construction Spending data, https://www.census.gov/construction/c30/data/index.html. Figures adjusted to July 2026 dollars using Producer Price Index by Commodity: Final Demand: Construction for Government, from US Bureau of Labor Statistics via Federal Reserve Bank of St. Louis, https://fred.stlouisfed.org/series/WPUFD432.
Notes: The Census defines “value of construction put in place” as “a measure of the value of construction installed or erected at the site during a given period;” this includes materials, labor, engineering, and other work. The “mass transit” facilities graphed here include light rail, monorail, streetcar, and subway facilities. Source of definitions: US Census Bureau, https://www.census.gov/construction/c30/definitions.html.
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