USA Law and Practice Contributed by: John D. O’Neill, Jr., David B. Horner, Andrej Micovic and Ryan Pedraza, Hunton Andrews Kurth LLP
Hunton Andrews Kurth LLP Riverfront Plaza, East Tower
951 East Byrd Street Richmond, VA 23219 USA
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1. Market Overview 1.1 Market Developments and Outlook The US freight transportation market remains heavily dependent on trucking, with rail continuing to play a critical role in long-haul bulk commodities, intermod - al freight and industrial supply chains. Over the past 12 months, freight volumes have stabilised following the significant supply chain disruptions and inven - tory adjustments experienced during the post-pan - demic period. While trucking markets have remained competitive and, in some sectors, oversupplied, rail operators have benefited from continued growth in intermodal traffic and ongoing efforts by shippers to diversify transportation options. Road infrastructure investment has continued to be supported by federal funding made available under the Infrastructure Investment and Jobs Act (IIJA), as well as state transportation programmes. A number of states with established public-private partnership (P3) programmes, including Texas, Virginia, Georgia, Colo - rado and Maryland, continue to evaluate major high - way expansion and managed lane projects through alternative delivery models. In the road sector, inves - tors remain focused on projects that can demonstrate reliable revenue streams through tolling or availability- payment structures. In the rail sector, investment activity has been driven primarily by freight network modernisation, port con - nectivity improvements, grade separation projects and passenger rail initiatives with freight-related ben - efits. Unlike the road sector, however, large-scale rail P3 transactions remain relatively uncommon. Most
rail projects continue to be publicly sponsored and publicly financed, although private participation is fre - quently utilised through design-build, operations and maintenance, rolling stock and concession arrange - ments. Over the short to medium term, the outlook for the US freight transportation sector remains positive. Continued federal infrastructure spending, nearshor - ing trends, growth in Gulf Coast and East Coast port activity, expansion of logistics facilities and increasing demand for resilient supply chains are expected to support investment in both road and rail infrastructure. For investors, the most active opportunities are likely to remain highway P3 projects, managed lanes, freight corridors, port access infrastructure and logistics- related transportation assets. 1.2 Investment and Infrastructure Activity In the road sector, managed lanes, express toll lanes and congestion relief projects remain among the most attractive opportunities for private investment. States with mature P3 frameworks continue to rely on long-term concession structures to accelerate project delivery and transfer construction, lifecycle and oper - ational risks. Investors continue to view Virginia and Georgia as among the most developed P3 markets in the United States due to their established legislative frameworks and successful track records of delivering major transportation projects. In August 2025, Meridiam, ACS Infrastructure and Acciona achieved financial close for the design, con - struction, operation and maintenance of the SR400 Express Lanes toll road project in Atlanta under a con -
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