The volume of construction work that’s already underway and that’s set to begin here in Washington will have contractors looking back someday on these being the boom times.
There are the ongoing mega projects like the Big Bore, the Seawall, and the 520 Bridge—projects that have their share of issues, but nevertheless promise to keep contractors busy for several years to come.
But the real economic driver is the unprecedented transportation and infrastructure package the governor recently signed into law. The package promises to spend $16 billion over the next 16 years. At its peak, projects around the state will be spending an average of $1.6 billion per year between 2019 and 2025.
The transportation package also allows Sound Transit to go to voters, likely by November of next year, to ask for another $15 billion to spend on mass transit. Its predecessor, ST2, was approved by voters in 2008 and had a similar level of spending: $15.4 billion over 15 years.
This time around, voters could very easily remain optimistic that additional transit construction of this magnitude is necessary and worth the associated tax hikes and fees. If so, the combined $31 billion in roads and transit make it unmistakable: boom times lay immediately ahead.
To read the entire article recently published in the Seattle Daily Journal of Commerce, please click here.