This will reduce the cost of the programme to $24.2bn.
"We cut $2 billion from our capital programme last year by planning our programme more effectively,” said MTA chairman and CEO Jay Walder. “Today I'm committing the MTA to doubling the savings we've achieved in our capital programme to $4bn, not by deferring vital projects but instead by finding better ways of delivering benefits."
MTA plans to save $150m by slashing administrative costs and to save $800m by reviewing every capital project through approval gates at each stage of its development to ensure that the agency is moving forward at the lowest cost. This strategy, combined with a softer construction market, has already delivered savings of $800 million. The MTA and its agencies are taking steps to overhaul the way employees and contractors perform work on tracks, saving more than $300 million. A further $300m in savings will come from changes in rolling stock acquisition and maintenance.
Got a story? Email news@theconstructionindex.co.uk
