Virginia Projects Latest to Feel Inflation Sting

Inflation is driving up the cost of materials like fuel, asphalt, and other resources common to infrastructure projects in Virginia, leading agencies to analyze ongoing impacts to their active bids and contracts.

The Richmond Times-Dispatch reports the Virginia Department of Transportation (VDOT) has already taken measures to ensure local projects are financially supported by increasing maintenance and financial assistance reserves more than $129 million.

VDOT’s spokesman Marshall Herman said these reserves will address immediate concerns like the cost of diesel fuel, but officials are still determining how initial cost estimates may be affected.

“The use of these reserves will be determined after the completion of the paving season in early 2023,” Herman said.

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Source: Richmond Times-Dispatch