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Inflation taking bite out of new infrastructure projects

Traffic flows through a construction zone along Interstate 55 Wednesday, June 8, 2022, in St. Louis. The Missouri Department of Transportation is doing a series improvement projects along Interstate 55 but inflation has pushed up the cost. (AP Photo/Jeff Roberson) Traffic flows past workers in a construction zone along Interstate 55 Thursday, June 9, 2022, in St. Louis. The Missouri Department of Transportation is doing a series improvement projects along Interstate 55 but inflation has pushed up the cost. (AP Photo/Jeff Roberson) Traffic flows past workers in a construction zone along Interstate 55 Thursday, June 9, 2022, in St. Louis. The Missouri Department of Transportation is doing a series improvement projects along Interstate 55 but inflation has pushed up the cost. (AP Photo/Jeff Roberson) Planes sit on the tarmac at the Des Moines International Airport, Monday, June 13, 2022, in Des Moines, Iowa. Officials at the airport were counting on the federal infrastructure money to replace an aging terminal with a modern structure. Four years ago, a new 14-gate terminal was projected to cost about $434 million and be open by 2026. By this spring, the cost had soared to $733 million. (AP Photo/Charlie Neibergall) Passengers walk to the baggage claim area at the Des Moines International Airport, Monday, June 13, 2022, in Des Moines, Iowa. Officials at the airport were counting on the federal infrastructure money to replace an aging terminal with a modern structure. Four years ago, a new 14-gate terminal was projected to cost about $434 million and be open by 2026. By this spring, the cost had soared to $733 million. (AP Photo/Charlie Neibergall) A small plane taxis past construction at the Des Moines International Airport, Monday, June 13, 2022, in Des Moines, Iowa. Officials at the airport were counting on the federal infrastructure money to replace an aging terminal with a modern structure. Four years ago, a new 14-gate terminal was projected to cost about $434 million and be open by 2026. By this spring, the cost had soared to $733 million. (AP Photo/Charlie Neibergall) A worker wets down a trench where water main pipes are being replaced, Wednesday, June 15, 2022, in downtown Tacoma, Wash. Inflation is taking a toll on infrastructure projects across the U.S., driving up costs so much that state and local officials are postponing projects, scaling back others and reprioritizing their needs. (AP Photo/Ted S. Warren) Workers stand next to new water main pipes, Wednesday, June 15, 2022, at the site of a project in downtown Tacoma, Wash. Inflation is taking a toll on infrastructure projects across the U.S., driving up costs so much that state and local officials are postponing projects, scaling back others and reprioritizing their needs. (AP Photo/Ted S. Warren) A sign is shown near ongoing work on a project to replace water main pipes, Wednesday, June 15, 2022, in downtown Tacoma, Wash. Inflation is taking a toll on infrastructure projects across the U.S., driving up costs so much that state and local officials are postponing projects, scaling back others and reprioritizing their needs. (AP Photo/Ted S. Warren)