Mounting Expense for Lady Bird Boardwalk
In 2010, City of Austin voters ushered in Proposition 1, a project to construct a boardwalk trail over and along Lady Bird Lake. Back then, the estimated cost of the project was $17.4 million, but as of today, the lowest bid (of eight) is $20.7 million. That's a 19% jump.
The Austin American-Statesman reports that the cost increase can be attributed to two main factors: Oil prices (no surprise there) and a construction industry still trying to correct itself post-recession. Builders are finally doing things they put off during those lean years, like replacing old equipment, and that's made government building projects more costly. Still, city officials aren't worried about coming up with the extra money.