Compared with the pre-pandemic megaproject starts of 2019, current big builds are fewer. Nonetheless, despite all the challenges and disruptions impacting the construction industry, billion-dollar building goes on.
Breaking Ground
According to Dodge Data & Analytics, the first eight months of 2019 saw 14 projects at the $1 billion or more mark get off the ground, for a combined total of $24.3 billion. Comparatively, in the first eight months of 2021, 8 billion dollar projects have been launched, with a combined value of $10.8 billion. This data only reflects hard construction costs—and does not include, for example, the land price or architectural and engineering fees.
So, where’s the big building? According to Construction Dive, topping the list is of current mega projects is Minnesota’s Line 3 Replacement Program:
Oil company Enbridge’s Line 3 replacement program involves the new construction of 36-inch diameter oil piping to replace 282 miles of existing 34-inch piping. The pipeline will spread from the North Dakota/Minnesota border in Kittson County, Minnesota, and end at an existing Enbridge terminal in Superior, Wisconsin. The new construction will include 330 miles of new piping and will cost $2.1 billion, according to Dodge Data & Analytics. Construction started this past February. Once the new piping is laid, the old Line 3 will be discontinued.
Crunching Your Numbers?
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Building Infrastructure: Water
A big water supply project in North Dakota is slated for completion soon. Importantly, The Red River Valley project:
Is a failsafe that, in emergencies, will provide water to people in central and eastern North Dakota. With a price tag of $1.18 billion per Dodge Data & Analytics, the project involves 167 miles of 72-inch piping, according to KFYR-TV, about one mile south of Carrington on the west side of U.S. Highway 52/281 and the Red River Valley & Western Railroad, according to the project website.
At peak demand times, the pipeline will be able to move 165 cubic feet per second of water, which factors out to over 1,000 gallons of water flowing through any point in the system at any given time. Construction is expected to be completed by late October.
With water security, growing concern proposals to improve the infrastructure for drinking water, wastewater, groundwater and water recycling are springing up in many states, including California. What is springing up on your build list? Don’t waste a minute more: Let Colonial Surety arm you to get building today: The Partnership Account® for Contractors.
Colonial is built on reliability, affordability, and dependability. Founded in 1930, we have proven long-term financial stability; we’re licensed in every single state in the U.S.; we are listed by the U.S. Treasury as an approved surety; and we’re rated “A” Excellent by A.M. Best – an accolade of which we are extremely proud. Let’s, Partner!