NCDOT proposed 10-year project plan shows delays, including to Capital Boulevard freeway
RALEIGH, N.C. (WNCN) — Hundreds of North Carolina Department of Transportation projects across the state may be facing delays, includes a plan to turn a portion of Capital Boulevard into a freeway.
NCDOT released its proposed 10-year plan, which is updated about every two years. Known as the State Transportation Improvement Plan, it outlines ongoing and planned project statewide.
In the plan, phase one of the Capital Boulevard project is delayed possibly for five years.
'It is an outstanding project' said Joe Milazzo, the executive Director of the Regional Transportation Alliance, which says it's the voice of the regional business community on transportation. 'We've wanted to see that move forward for a long time. It is going remove every one of the traffic lights between 540 and the Franklin County line and so that will save people enormous amounts of time, headache and stress,.
The project is broken into four phases. The current STIP plan has construction for the first phase, which runs from Interstate 540 to Durant Road start in 2026. The newly-proposed STIP plan doesn't have construction start until 2031.
Construction for the second phase would also start in 2031, according to the newly drafted STIP. The other two phases, which run all the way to Purnell Road in Wake Forest, would start in 2033. The newly-estimated cost of the project is now more than $1.3 billion, an approximately 60% increase from the current estimate of more than $827 million.
'The primary reason would be because of inflationary pressures and the requirement we have to balance the STIP,' NCDOT Deputy Chief Engineer Drew Cox said. 'Even though we experience those, we still have to keep the STIP fiscally constrained. We're required to do that by state and federal law. That would be the primary reason, but the right of way and utilities along that corridor are a challenge.
'The drastic increase goes back to the pressures we've had with inflation and increased costs for doing business,' Cox said. 'The other thing we have tried to accommodate in our planning, which has been a real challenge over the last few years, is we've gone back and re-evaluated how we're doing estimates to try and accommodate some of the changes we're seeing over the last three or four years.'
According to Cox, about 200 projects in various stages may be facing delays and there could be factors other than costs contributing.
'There are other reasons though that can be unrelated to budgetary constraints,' he said. 'Challenges with right of way, challenges with utilities, projects in urban areas. Capital Boulevard is one of those. The time required to purchase right of way, the time required to adjust utilities can also serve to create challenges that cause you to move your construction schedule dates.'
According to the proposed plan, the widening of I-85 between Hillsborough and Durham is delayed beyond 2035.
The plan is a draft for now until potentially approved later this year. Public feedback may be provided until April 4 through the NCDOT website.
The U.S. Department of Transportation said construction costs have increased significantly since 2020.
CBS 17's Mary Smith is an Investigative Reporter focused on Digging Deeper and Getting Answers. If you have a story that needs investigating, send an email to Investigates@cbs17.com.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
18 hours ago
- CNBC
Used vehicle prices ease from tariff fear-buying highs but remain elevated
DETROIT — Used vehicle prices last month eased from their recent high in April as consumers who may have needed a vehicle but feared price hikes due to tariffs flocked to purchase a car or truck, according to a closely watched barometer of pre-owned prices. Cox Automotive's Manheim Used Vehicle Value Index — which tracks prices of used vehicles sold at its U.S. wholesale auctions — decreased 1.5% from April to May, but remained 4% higher than a year earlier. April's level was the highest since October 2023. "Wholesale appreciation trends were remarkably strong in April, but the market gave some of that strength back in May, though values remain well above last year's levels," said Jeremy Robb, senior director of economic and industry insights at Cox Automotive. Retail prices for consumers traditionally follow changes in wholesale prices, but they have not fallen as quickly as wholesale prices in recent years. While President Donald Trump's tariffs of 25% on new imported vehicles and many parts do not directly impact used car sales, changes in new vehicle prices, production and demand affect the used car market, which is how the majority of Americans purchase a vehicle. Demand has stayed relatively strong as inventory levels for used vehicles – 2.2 million – remain low compared to historical levels. That comes as consumers have been holding on to their vehicles for longer and as the industry deals with less production in recent years amid the coronavirus pandemic and global supply chain shortages. Cox reports retail used vehicle sales in May were down 3% compared with April but higher year over year by 4%. Cox previously said it was seeing used vehicle prices continue to stabilize after swinging wildly for several years before starting to calm down in 2024.
Yahoo
a day ago
- Yahoo
Governor Stein, state leaders prepare for hurricane season amid uncertainty of federal help
RALEIGH, N.C. (WNCN) — Hurricane preparedness is long underway in North Carolina. '[We're] conducting statewide exercises to test our communication systems, performing readiness checks, and making improvements based on any gaps that we find,' Governor Josh Stein said in a hurricane preparedness update on Thursday. 'We're already taking action on identified areas for improvement in the wake of Helene,' Will Ray, the Director of Emergency Management, said. But it's more challenging this year than ever before. Governor Stein and other state emergency management leaders say uncertainty surrounding the futures of federal agencies like FEMA, NOAA, and the National Weather Service are front of mind. 'I think that we all have reason to be worried, there are cuts happening at the federal government that are going to impact the quality of services that affect people's lives,' the Governor said. The state is still spending hundreds of millions of dollars on recovery in western North Carolina after Hurricane Helene. So, how prepared is the state financially for another major storm? 'That is an issue that is being negotiated between the two branches of the legislature right now. How big is our rainy day fund?' Governor Stein said. 'In my budget, I had proposed adding $500m to that to build it up a little bit in the eventuality of future hurricanes.' Governor Stein says the state needs to be ready to be self-reliant and not dependent on help from the federal government. 'Even if you dramatically restructure FEMA and have this federal government step away from helping states that are hit, there's going to be a real financial consequence to each state that's impacted and we need to budget accordingly,' he said. And for people at home, state leaders are offering the same tips they do every year: make sure you have an emergency kit on hand before a storm hits your area with water, medication, and non-perishable food. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
a day ago
- Yahoo
A 4-step guide to investing success for recent college grads
Start investing early to leverage compounding for long-term financial success. Financial planners recommend budgeting, building a buffer, and opening investment accounts. Consider a diversified portfolio with stocks and bonds, adjusting for risk tolerance. So you've just graduated from college. Congratulations! It's an exciting time in your life as you get ready to enter the workforce. One of the great things about being at the start of your career journey is that you have ample time to figure out the path you want to take in life and where your passions lie. Time is also your greatest asset when it comes to setting yourself up for a life of investing success. Thanks to the power of compounding, which Albert Einstein famously called the eighth wonder of the world, the earlier you start investing, the better. According to insurance firm Mass Mutual, a 22-year-old who invests $500 a month will have $2,255,844 by age 65, assuming the stock market delivers an average annual return of 8%. That number falls to $972,542 if one starts investing at 32. But investing isn't always easy, especially early on in your career when your earnings are lower. The process may also feel daunting and complicated if you haven't done it before. To put those fears to rest, we've come up with a step-by-step guide on how to best get your financial house in order so you'll thank yourself down the road. There's no one-size-fits-all approach for budgeting, so it's important to come up with a plan that works for you, said Melissa Cox, the Dallas-based owner of Future-Focused Wealth. Trying to keep up with someone who may have a different budget than you do is one of the most common mistakes she sees young people make. "So many people come out of school and they just go crazy spending money," Cox said. "Social media and everyone sees what everyone else is doing — don't fall into that." A good rule of thumb is to set aside 20% of your pre-tax income, according to Bryan Kuderna, the founder of New Jersey-based Kuderna Financial Team. So, if your salary is $100,000, you should be trying to save $20,000 a year. But again, the practical savings rate will vary from person to person. Many recent grads have student loans to tackle, so it's good to understand what your repayment options are, Cox said. Maybe forgiveness is possible, or lower monthly payments based on your income. Perhaps refinancing your loans will allow for more manageable payments. Finally, it's important to keep yourself a priority, Cox said. For example, perhaps you really value traveling or shopping — it's good to set some money aside for those things as well. When you start working, it's smart to set up a retirement account like a 401(k) or Roth IRA and start contributing right away. But we'll get to that in the next section. When it comes to your money outside those accounts, the first thing you want to do — assuming you don't have credit-card debt — is build up a buffer of six months of living expenses, Kuderna said. This is because people in their 20s often have big life events that they need the money for, he said. Having it in risky assets like stocks makes it vulnerable to downside in the near term. "I always say liquidity is huge for a young professional," Kuderna said. "I might move out, I might have to get a new car, I might be getting engaged, married, a kid — all these things that can happen in your 20s." While you might not want your money invested in stocks right away, you also don't want to have it just sitting in a checking account. Instead, plug it into a high-yield savings account or a money market fund to collect a better yield while short-term interest rates are still high. OK, now for the investment accounts. First, make sure you have a Roth IRA or 401(k) set up with your employer and are collecting their monthly minimum match. As of 2025, you can contribute up to $23,500 to a 401(k) and $7,000 to a Roth IRA. 401(k) contributions are made with pre-tax money; the money is then taxed upon withdrawal. Roth IRA contributions are made with post-tax income, and eventual withdrawals are not taxed. Setting these accounts up is important because the money comes straight out of your paychecks — it's like it never existed, and there's less of a temptation to spend it since withdrawals before you're 59-and-a-half years old are penalized at 10%. Plus, you can take advantage of the tax benefits. "I'm huge on Roth options, especially for young people," Kuderna said. "If we can get tax-free growth for another four or five decades, that's worth its weight in gold." Once those are set up, open up a brokerage account to invest your excess savings. Considering your cash savings, Kuderna said this is taking a three-pronged approach: having cash for the short-term, a brokerage account with stock investments for the medium-term (maybe a down payment for a house in five, 10, or 20 years), and retirement accounts for the long-term. Having a brokerage account for medium-term investments will allow you to capture potential market upside while not being subject to the 10% penalty of withdrawing money from a 401(k) or Roth IRA early. "You don't want to neglect the mid-term," he said. "When you're 40 or you're 50 and you need money, you don't want to hit your retirement accounts, and you don't want to have it all just sitting in cash." Now that you have your accounts set up, it's time to decide where to invest. The classic portfolio structure is 60% stocks and 40% bonds. Stocks, while riskier, offer greater upside potential. Meanwhile, bonds are supposed to act as a buffer to stock market volatility by protecting your capital, producing a steady yield, and appreciating during times of economic distress. But since you're in your 20s, you might consider allocating even more of your money to stocks since you can likely withstand more volatility, according to Chris Chen, the founder of Insight Financial Strategists. He said an 80/20 portfolio may be more appropriate. How you allocate money in your medium-term and long-term investment accounts may look different, however. For your 401(k) or Roth IRA, one simple way to invest for the long term is by buying a target-date fund. For example, you might choose the Vanguard Target Retirement 2065 Fund (VLXVX) or the State Street Target Retirement 2070 Fund (SSGQX). These funds automatically adjust your allocations to stocks and bonds as you age. As you start to approach retirement, the percentage of your money in bonds starts to increase to preserve your capital. Right now, the Vanguard 2065 fund has 53.1% of its assets in the Vanguard Total Stock Market Index Fund, which is made up of US stocks; 37.5% of the fund is in the Vanguard Total International Stock Index Fund; 6.5% is in US bonds; and 2.9% is in international bonds. Expense ratios, or the fees that certain funds charge, are also something to keep in mind. The Vanguard Target Retirement funds, for example, have a fairly cheap expense ratio of 0.08% a year. The cheapest S&P 500 index fund is the Fidelity 500 Index Fund (FXAIX) at 0.015%. For your medium-term investments, you should assess your risk-tolerance and timeline. Stock valuations are high at the moment, which suggests average 10-year returns may not be great. So if you need the money in five-to-10 years, being fully in stocks might be the wrong approach. But if you feel you can have a longer timeline than that, Kuderna said investing in bluechip stock indexes like the S&P 500 is a good approach. If you want to be especially aggressive, you might consider investing heavily in tech stocks, he said. The sector is often riskier than other areas of the market, but has seen explosive growth over the last 15 years. Some funds that offer exposure to tech stocks include the Technology Select Sector SPDR Fund (XLK), the iShares US Technology ETF (IYW), and the Invesco NASDAQ 100 ETF (QQQM). "If you look at the greatest returns over a long period of time, it's in equities, it's people who have a higher risk appetite," Kuderna said. "If you've done those beginning steps of building a rainy day fund, setting money aside, not carrying any bad debt — if you're good there and we can afford ourselves a long-term time horizon, then we should try to almost encourage ourselves to be a little more aggressive." Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
