Infrastructure projects funded by the federal stimulus package are creating more construction jobs than initially estimated, the Associated General Contractors of America (AGC) reported Tuesday.

Based on the association’s new analysis of federal data released this week, AGC said more contractors are likely to perform stimulus-funded work in 2010, as work ramps up on non-transportation projects.

“The stimulus is one of the very few bright spots the construction industry experienced last year and is one of the few hopes keeping it going in 2010,” said Ken Simonson, the association’s chief economist. “The stimulus is saving construction jobs, driving demand for new equipment and delivering better and more efficient infrastructure for our economy.”

It was one year ago today that President Barack Obama signed the nearly $800 billion American Recovery and Reinvestment Act of 2009 into law.

According to AGC’s release, new federal reports indicate that the $20.6 billion worth of stimulus-funded highway projects initiated over the past 12 months have saved or created nearly 280,000 direct construction jobs. That amounts to 15,000 jobs per billion dollars invested, beating pre-stimulus expectations that every billion dollars invested in infrastructure projects would create 9,700 direct construction jobs.

Simonson noted that heavy and civil engineering construction employment was stable in January, even as total construction employment declined by 75,000. He also said highway and road construction was one of the few areas to see an increase in spending last year, as total construction spending fell by $100 billion.

The economist noted that those statistics are a clear sign of the stimulus package’s significant and stabilizing impact on the industry.

Simonson cautioned, however, that overall declines in construction activity have overshadowed the benefits of the stimulus, a trend that will likely continue.

“The stimulus will keep a bad situation from deteriorating further,” he said. “That may not make for great headlines, but it is welcome news for construction workers anxious to continue receiving paychecks.”