NC Outer Banks Bridge Cost Doubles to $1.2 Billion, State Audit Finds
According to Engineering News-Record, a June 22 report from North Carolina’s Office of the State Auditor has found that construction costs for the proposed Mid-Currituck Bridge have more than doubled the project’s original $491-million estimate, with current costs now pegged at approximately $1.2 billion. The escalation has created a funding gap of up to $832 million. A public-private partnership structure would narrow that gap only slightly, to $702 million. NCDOT has already spent $61 million on the project over roughly 30 years with no construction to show for it.
What It Means for Subcontractors
- Cost estimates on long-horizon public infrastructure projects can more than double over a decade, making early bids and pre-development agreements a serious financial exposure risk for civil subs.
- Traffic revenue projections driving toll-backed financing can deteriorate significantly over time, as updated NCDOT studies forecast traffic volume dropping more than 40%, which undermines project funding structures that subcontractors may be counting on.
- P3 delivery models don’t eliminate escalation risk. Even with a P3 structure, the funding gap on this project remains over $700 million, a reminder that alternative delivery doesn’t automatically solve a broken financial case.
