A Guide to Computation and Use of System Level Valuation of Transportation Assets
Web resources available at https://www.assetvalueguide.com
State transportation agencies are stewards for public infrastructure assets that are essential to economic vitality, public safety, and quality of life. Accurate, relevant, and reliable asset valuation is crucial for decision-making to ensure the effective, efficient, and economical management of these public assets.
Congress required, through the Moving Ahead for Progress in the 21st Century Act (MAP 21), enacted in 2012, that each state transportation agency develop and implement a risk-based transportation asset management plan (TAMP) that includes a valuation of pavements and bridges on the National Highway System (NHS). State transportation agencies are complying with the requirements through various approaches, but have struggled to incorporate asset valuation into their asset management practices and infrastructure investment and management decisions in a consistent, meaningful way. Practices have been developed and used internationally for incorporating asset valuation into an organization’s financial statements and decision-making processes, and some guidance has been produced in the United States, but such practices have not been much used in this country. Research is needed to make a detailed assessment of the issues and present practical guidelines and procedures for valuation of public-sector transportation assets in the United States and use of valuation in transportation system and asset management decision-making.
Infrastructure Assets: Highway Assets
Capabilities: Data & Information Systems
Management Processes: Monitoring & Adjustment, Performance Based Planning & Programming, Performance Reporting & Communication