The cost of a ton of asphalt in a small Massachusetts town: up 37%. The estimate to build a new airport terminal in Des Moines, Iowa: 69% higher, with a several year delay.
The price hikes already are diminishing the value of a $1 trillion infrastructure plan President Joe Biden signed into law just seven months ago. That law had included, among other things, a roughly 25% increase in regular highway program funding for states.
Gillett had hoped the federal Infrastructure Investment and Jobs Act would finance a boom in highway and bridge construction.In addition to roads, the federal infrastructure bill includes billions of dollars for water projects, railways, airports, broadband internet, electric grids and green-energy projects over the coming years.
“They are borrowing more money so they can spend more money, is driving inflation, which is cutting down on the projects that they’re actually wanting to do,” said Graves, a Missouri Republican who voted against the infrastructure bill. “If inflation continues, it may be a decade before the project gets completely done,” airport Executive Director Kevin Foley said.Since voters approved a property tax increase in 2020, the estimated cost of building two light rail lines and a tunnel through Austin, Texas, has gone from $5.8 billion to $10.3 billion. Doubling the tunnel length was a big factor.
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