For years, building a new rail tunnel under the Hudson River has been deemed a “top priority” infrastructure project for the New York-New Jersey region—and the country. Finally, a plan and funding are coming together with desired completion “long before” the end of the decade.
It’s been nearly a decade since Hurricane Sandy severely damaged the existing single-track tunnels that were built over 110 years ago, connecting New York and New Jersey. Salt from the flooding continues eating away at interior walls and electrical cables. Although there have been periodic shutdowns for repairs, Amtrak has indicated it cannot fully repair the old tubes until new ones are able to handle the daily train traffic—450 trains at the pre-pandemic level. The New York Times reports that now, the project has been given the go-ahead, with the federal government, New York and New Jersey agreeing to share the $11.6 billion cost of both building the new tracks and repairing the old ones.
Projects across the country continue passing go and digging into the dollars and detailed plans for kick-off. How about you—are you ready for something bigger? With The Partnership Account® from Colonial Surety you’ll go after ambituous new projects, obtaining your bid, performance and payment bonds with more ease and confidence then ever. Why do new things the old way? Let’s get you armed today: contractors who complete a brief (we promise!) pre-qualification for Colonial’s surety line of credit even receive, for free, Dun & Bradstreet scores.
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Designed for Speed?
Construction of the new tunnels will be overseen by the Gateway Program Development Corporation—which has been pushing the project forward for over four years. As federal leadership told the The New York Times:
“This is a big step for the Northeast, and for the entire country, as these tunnels connect so many people, jobs and businesses….”
The one-track tunnels, which would carry trains deep under the Hudson River, are part of a massive project known as Gateway that aims to modernize the rail system that serves New York City. They would supplement the existing single-track tunnels that are more than 110 years old and were severely damaged during Hurricane Sandy in 2012.
Across the country, many new transportation projects are already underway, involving lots of tunneling, with new equipment to expedite progress. Trains and planes are soon going to be zipping us around with greater ease than ever—and bids are going to be flying too. Not ready, yet? Come on— You could be going after lots of new projects with speed and confidence — knowing your bidding and financial information is secure. Let Colonial Surety help you get going:
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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!