The reprieve for a major new commuter rail tunnel under the Hudson River, once set to be the largest public works project in the U.S., never arrived. Proponents of the megaproject, estimated at $8.7 billion, failed to convince New Jersey Gov. Christopher Christie (R) that the state would not have to make up cost overruns that some claimed would boost the total price of the project to $13.7 billion. “In the end, my decision is not changed,” Christie said. “I cannot place upon the citizens of the State of New Jersey an open-ended letter of credit.” Christie emphasized his objection
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.