The FY22-23 budget benefitted from the state’s unprecedented revenue growth that continues to defy expectations. Legislators had a record amount of revenue to allocate, and they chose to invest in tax reductions, reserves – and roads.
Specifically, the budget includes one-time and recurring allocations to accelerate projects and match federal funds.
Thanks to these investments to match federal dollars, South Carolina is poised to take advantage of every opportunity available through the federal Infrastructure Investment & Jobs Act (IIJA). These funds also ensure that South Carolina does not leave any federal dollars on the table.
These new federal funds (along with state match) will bolster the state’s 10-year plan by filling gaps in critical areas, including programs to address non-interstate congestion, closed and load-restricted bridges, traffic safety, and more.
The budget also provides funding for rural interstates to help accelerate projects in the pipeline aimed at moving people and freight safely and efficiently. In addition, the allocations to the County Transportation Committees (CTCs) will boost funding for every county to help tackle repair work.
In all, transportation infrastructure received approximately $1 billion this year through American Rescue Plan (ARPA)* and budget allocations.
*The ARPA allocation will be used to accelerate the widening of I-26 between Columbia and Charleston. This dangerous and notoriously unreliable section of interstate is among the top priorities of the state’s rural interstate freight program, and this investment will accelerate this project by six years. Learn more here.