April 17, 2024

AndronETalksNews

AndronETalksNews

California’s high-speed rail is running out of money, but progress has been made

CNBC

Bu Jeniece Pettitt

May 17, 2023

In 2008, California voted yes on a $9 billion bond authorization to build the nation’s first high-speed railway. The plan is to construct an electric train that will connect Los Angeles with the Central Valley and then San Francisco in two hours and 40 minutes.

But 15 years later, there is not a single mile of track laid, and executives involved say there isn’t enough money to finish the project. The latest estimates from the California High-Speed Rail Authority suggest it will cost between $88 billion and $128 billion to complete the entire system from LA to San Francisco. Inflation and higher construction costs have contributed to the high price tag.

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