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Wake County staff warn of construction cost pressures, long lead times and bond-market uncertainty as CIP is finalized
Summary
County budget staff and the finance director told commissioners that construction labor shortages, tariffs and long equipment lead times are affecting capital cost estimates and that federal policy changes to tax-exempt financing could materially raise borrowing costs.
Wake County officials on April 7 flagged several economic and market risks that could affect capital project costs and the county's debt strategy.
Budget manager Molly Marcarelli told commissioners that construction market conditions — including strong regional demand for labor, continued inflation in mechanical and electrical equipment prices, and long lead times for specialized equipment such as generators — are factored into project cost baselines and escalation assumptions. "Mechanical and electrical equipment prices are still forecasted to increase as demand for not just the…
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