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Inflation Impacting Local Economic Development Projects

July 5th, 2022 by WCBC Radio

Inflation is taking a toll on infrastructure and economic development projects across the U.S., driving up costs so much that state and local officials are postponing projects, scaling back others and reprioritizing their needs. The price hikes already are diminishing the value of a $1 trillion infrastructure plan President Joe Biden signed into law just seven months ago. Locally, there are any number of projects in various stages of development including the Rolling Mill effort; a joint city/county venture in the Messick Road area;; and a FedEx distribution center at Mexico Farms. Those projects are still moving forward, but Mayor Ray Morriss says while none of those projects are in jeopardy, the state of the economy is definitely having an impact…