Charlottesville, VA – An independent financial analysis, conducted by The Free Enterprise Forum, suggests the U.S. 29 Bypass would have cost more than 23% less had the project been completed when it was permitted twelve years ago when Federal Highway Administration approved and signed the Environmental Reevaluation on March 13, 2000.
Instead of moving forward with construction, legal challenges followed by political obstruction stopped this important improvement to a national highway.
Utilizing data from the US Department of Labor’s Bureau of Labor Statistics, the Free Enterprise Forum converted the US 29 bypass apparent low construction bid from 2012 dollars to 2001 dollars. By reverse application of the Consumer Price Index, the Free Enterprise Forum determined the bid in 2001 would have been $30.99 Million dollars lower.
2012 Bid $135,988,000
In 2001 Dollars $104,988,910
Free Enterprise Forum President Neil Williamson said, “Our goal in researching this issue was to have an objective, independent analysis. As the community has been engaged in this vibrant debate, costs have been increasing. The community must recognize that these delays have financial impacts. Quantifying the cost of delay is fundamental to understanding the impact of our action, or in this case, inaction to move forward with transportation solutions”.
The Free Enterprise Forum is a privately funded, public policy organization.