The Triangle Business Journal reports that the NC Department of Transportation announced last week that future construction contracts will be reduced by approximately $2 billion for the coming fiscal year due to sharply reduced highway fuel tax revenues caused by the Coronavirus pandemic. In that meeting, NCDOT apparently advised that the number of currently budgeted construction projects will be reduced from 131 to 38, which will lower total spending from $2.7 billion to approximately $670 million. The article further advises that the NCDOT has not yet determined which specific projects will be affected by the budget cut, but that any current construction projects will be unaffected.
Henson Fuerst Attorneys has reached out to NCDOT contacts but as of yet has been unable to learn additional details. This will be an evolving story in the coming weeks.
For those with a subscription to the Triangle Business Journal, you may read the full article here.