The kvetching over the limited effectiveness of the federal stimulus package has become almost deafening in recent months. Given the hundreds of billions of taxpayer dollars allocated to bolster the economy, this criticism is understandable.

But in their zeal many critics overlook the fact that all of this money won’t be spent at once. In fact, it’s spread over several years; spending won’t peak until 2010.

Now is an excellent time to take advantage of the coming influx of federal dollars, particularly in infrastructure, one of the most generously funded aspects of the bailout program. Over the next few years, more than $111 billion will be spent upgrading our nation’s aging transportation network.

Here are three firms we expect to reap the rewards of federal labor, particularly as it relates to road construction. Although the three have rallied with the broader market, they’re also trading at historically low valuations. And while none are likely to post record profits because of the slowdown in construction spending by state and local governments, earnings should surprise many investors.

Safety First

Best known as a manufacturer of irrigation systems, Lindsay Corp (NYSE: LNN) is also a play on government-funded road construction.

The company’s infrastructure division generates much of its revenues, producing a variety of traffic-control products used in roadway construction. Over the past three years, revenues in this segment have grown a phenomenal 77.8 percent.

Lindsay’s Barrier Systems subsidiary, which it acquired in 2006, manufactures the ubiquitous concrete traffic barriers that block off construction zones. It also makes guardrails and crash cushions. Another subsidiary produces a variety of traffic cones and barrels, temporary speed bumps and road markers. In short, Lindsay is a one-stop shop for everything related to traffic control and highway markings.

The rapid revenue growth that Lindsay’s infrastructure operations have generated is likely to continue; both federal highway safety and labor regulations mandate the use of traffic barriers in many types of construction zones. That means more sales for Lindsay as projects ramp up.

Boils Down to Oil

The production of asphalt is an incredibly messy business, generating huge amounts of environmental pollution. As a result, it’s a heavily regulated business that’s expensive to enter and difficult succeed in. Over the past decade there’s been substantial consolidation in the industry, leaving only about 40 players.

Even with that many market participants, the US is still facing a critical shortage of asphalt if it’s going to meet the ambitious road construction targets laid out in President Obama’s recovery plan. In fact, domestic asphalt production is almost 20,000 barrels per day short of what would be required.

That’s because asphalt is produced from heavy oil that usually isn’t used in the production of gasoline. But before the price of oil nosedived and gasoline prices were at all-time highs, many refiners invested billions of dollars in machinery that could squeeze more gasoline from a barrel of oil. That resulted in a shortage of the crude for the production of asphalt.

Vulcan Materials (NYSE: VMC) produces a wide variety of construction materials ranging from crushed stone aggregates to cement and asphalt.

One of the largest asphalt producers in the US, Vulcan sharply reduced production volume in response to the housing crisis and lower demand for asphalt shingles. Profitability has improved markedly, however, as it’s been able to pass significant price increases through to consumers.

Through the supply contracts Vulcan has in place for input materials, the company will be able to quickly ramp up production as demand requires. It also enjoys some of the best margins on production and sales in the industry and supplies the materials required for almost all stages of roadway construction.

The Builders

Stockpiles of asphalt mean little without the men and women who actually lay it down.

Granite Construction (NYSE: GVA) not only provides the labor that builds our nation’s roads and bridges, but it also has a modest materials business on the side, though construction accounts for 90 percent off revenues.

With more than $2.6 billion in revenue last year, more than 78 percent of which was generated through government contracts, Granite is one of the largest construction operations in the US and a leading government contractor. And, somewhat surprisingly, the company’s on track to at least equal those results this year.

As construction ramps up across the country next year, Granite, with its coast-to-coast presence, will likely grab a substantial portion of that business.