What’s Driving the U.S. P3 Revival?

At Proximo Congress 2026 in Nashville, Alberto Gonzalez, Global Head of Business Development at Cintra, a Ferrovial company, shared his perspective on the evolving U.S. P3 market and why the sector appears poised for a new phase of growth. 

Speaking during a live recording of Proximo’s In-Depth podcast, Gonzalez pointed to a combination of population growth, infrastructure funding challenges and greater public-sector familiarity with the P3 model as key drivers behind renewed market momentum to improve the nation’s outdated highways, airports, energy, and water infrastructure. 

A New Geographic Trend 

The center of gravity for U.S. transportation P3s is increasingly shifting toward the East Coast. While Texas helped establish the early U.S. P3 market and Virginia has remained one of its most consistent jurisdictions, states such as Georgia, Tennessee, North Carolina and South Carolina are emerging as important growth markets. 

The trend reflects wider economic and demographic shifts. Population growth is putting extreme pressure on existing transportation networks while public funding sources remain constrained. Gonzalez notes that this combination of rising demand and limited funding availability is creating fertile ground for innovative delivery models such as P3s. 

Greater Maturity in the P3 Market 

P3s have historically been viewed as a financing solution of last resort for projects that could not move forward through conventional methods. Today, public agencies increasingly recognize the broader benefits of private-sector support, including accelerated project delivery, greater certainty around cost and schedule, long-term operational accountability, and effective risk transfer. 

Gonzalez highlighted the strong operational performance of existing P3 projects over the past two decades, like the TEXpress lanes in Texas and 66 Express Outside the Beltway in Northern Virginia. As transportation agencies see successful projects – including Ferrovial’s own – operating across the country, confidence in the delivery model continues to grow. 

The Key Advantage? Financing. 

While the United States continues to benefit from unique funding mechanisms such as TIFIA loans and Private Activity Bonds (PABs), additional sources of capital are needed. Gonzalez expects the market to increasingly draw on a broader mix of financing tools and investors in the coming years. He also sees opportunities for commercial banks to play a larger role as projects evolve, and funding requirements expand. 

On the equity side, Gonzalez noted continued institutional and retail investor interest in transportation infrastructure, particularly as governments bring a larger and more predictable pipeline of projects to market, attracting new pools of capital. 

The Importance of Collaboration 

Looking ahead, Gonzalez emphasized that successful P3 programs depend on strong collaboration and partnership between public agencies and the private sector. He encouraged government stakeholders to engage directly with industry participants throughout project development and procurement processes. Developers, operators, and investors can provide practical insights based on real-world project experience, helping agencies better understand market expectations, risk allocation, and financing considerations.  

He also stressed the importance of transparent pipelines and stakeholder alignment, noting that greater visibility into future opportunities creates confidence for both developers and investors while supporting long-term market growth. 

Ferrovial at Proximo Congress 2026 

Proximo Congress 2026 also featured several Ferrovial leaders sharing expertise on infrastructure, energy and innovation. Gonzalez moderated the session “Next on the Docket: Future of the IIJA,” exploring how the private sector can help address transportation infrastructure challenges in the United States. Leonid Mednik, M&A Director for Ferrovial’s energy division, participated in “How Safe is a Safe Harbor? Life after the IRA Cliff,” discussing financing strategies for solar and wind projects in a changing policy environment. Meanwhile, Jen Duthie, Head of Innovation at Cintra, a Ferrovial company, joined “Paving the Way: Next Steps for America’s Corridors,” highlighting the role of smart-road technologies and mobility innovations in the future of transportation infrastructure. 

Listen to the full podcast episode here.