Last week, the New York Times revealed that the new train station at the World Trade Center is delayed and about $2 billion over-budget – nearly double the original estimate when plans were unveiled back in 2004.
Unfortunately, cost overruns on major construction projects are nothing new – eye-watering budget fiascos are commonplace across the globe.
Even the stereotypically efficient Germans are guilty of some embarrassing blunders on the construction site. Chief among them are the Elbphilharmonie in Hamburg and Berlin’s new airport, both of which are delayed with massive cost overruns. The Channel Tunnel, Three Gorges Dam and Boston’s Big Dig are three of the more notable projects where money spiralled out of control. Between them, they cost $50 billion more than originally estimated.
This chart shows selected over-budget construction projects worldwide.
You will find more statistics at Statista