A slow economy and competitive bidding has the New Jersey Turnpike Authority fattening up its coffers, and the agency plans on throwing it back out on the roads.
Originally, the capital program for FY 2013 was marked for $700 million, but it now stands at $1 billion. Money saved on major highway construction projects, like the widening of the New Jersey Turnpike between Exits 6 and 9, is the main reason for the sudden boost.
“The more money saved on bids, the more construction we can put on the street,” Richard Razcynski told the Asbury Park Press.
Razynski said jobs like the Great Egg Harbor Bridge replacement project and the second phase of the Garden State Parkway widening will now be addressed earlier than originally thought.
The competitive bidding process has indeed turned extreme in New Jersey. Twelve companies applied for work to rebuild Exit 9 between the Turnpike and Rte. 18, pushing the price down to just over $27.5 million.
“It’s definitely competitive. Contractors in New Jersey have no work,” said Razcynski. “We come in with projects, and we get nine to 15 bidders every contract.”