Ferrovial is a Spanish infrastructure company that builds, owns and operates toll roads, airports and other transportation infrastructure projects around the world, including significant stakes in major toll roads in North America and airports in the United Kingdom. Toll road concessions typically operate under long-term agreements with governments, giving Ferrovial fairly predictable, recurring revenue tied to traffic volumes on the roads it operates rather than to a single project's construction. The company also has a construction and engineering services business that builds infrastructure projects for governments and other clients, a more project-based business than its toll road and airport concessions. Ferrovial's revenue from its infrastructure concessions is closely tied to economic activity and travel volumes in the regions where its toll roads and airports operate, since more driving and air travel directly increases toll and airport fee revenue.