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Transportation Capital Stock
Highway-related
capital stock (public highways and streets, consumer motor vehicles, and
commercial truck transportation) represented the majority of the nation's
transportation capital stock, $2,917 billion in 2003 (in chained 2000 dollars1). Public highways and streets constituted the
majority (52 percent) of highway-related capital stock in 2003, as well as the
largest portion (33 percent) of all transportation capital stock (figure 2-1).
The combined value of capital stocks for other nonhighway-related
modes of the transportation system, including rail, water, air, pipeline, and
other publicly or privately owned transportation, is less than the value of
consumer motor vehicles alone (figure 2-2).2
All
transportation capital stocks, except for railroads, increased between 1993 and
2003. Highway-related capital stocks were not the fastest growing, however. The
most rapid growth occurred in air transportation, which doubled over the
period. In-house transportation, which can involve several modes, increased 84
percent. Consumer motor vehicles grew 64 percent; truck transportation, 52
percent; private ground passenger transportation, 38 percent; pipeline
transportation, 32 percent; and water transportation, 22 percent [1].
Public
highways and streets grew 21 percent, and other publicly owned transportation,
which includes publicly owned airway, waterway, and transit structures, grew 25
percent over the period for which data were available. Other privately owned
transportation, which includes sightseeing, couriers and messengers, and
transportation support activities, grew by 4 percent from 1993 to 2003, while
railroad transportation declined by 6 percent over the period.
Capital
stock is a commonly used economic measure of the capacity of the transportation
system. It combines the capabilities of modes, components, and owners into a
single measure of capacity in dollar value. This measure takes into account
both the quantity of each component (through initial investment) and its condition
(through depreciation and retirements). The Bureau of Transportation Statistics
has been developing data on airports, waterways, and transit systems that will
enhance the available data on publicly owned capital stock.
Sources
1. U.S. Department of Commerce, Bureau of
Economic Analysis, Fixed
Assets and Consumer Durable Goods in the United States, tables 3.1ES, 3.2ES,
7.1, 7.2, 8.1, and 8.2, available at http://www.bea.gov/, as of May 2005.
1 All dollar amounts are expressed in chained 2000
dollars, unless otherwise specified. Current dollar amounts (available in
appendix B of this report) were adjusted to eliminate the effects of inflation
over time.
2 Because the Bureau of Economic Analysis has recategorized capital stock data, the time-series data in
this report differ from the capital stock data in previous editions of the Transportation Statistics Annual
Report.
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