Inflation taking bite out of new infrastructure projects
Inflation is defined as the decline of purchasing power of a currency over time.
Published: Jun. 20, 2022 at 11:03 AM CDT
(AP) - Inflation is taking a toll on infrastructure projects across the U.S.
Rising prices for materials such as asphalt, steel and iron pipes are driving up the costs to build roads, bridges, rail lines and water mains.
The prices for some infrastructure materials have risen even faster than general consumer prices.
State and local officials say inflation is diminishing the value of a $1 trillion federal infrastructure law signed by President Joe Biden just seven months ago.
Some officials say inflation has forced them to delay or scale back the scope of projects.
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