Last fiscal year, the DOT saved $46.7 million on the majors from let savings, which means vendor bids came in lower than expected. That was due, in part, to lower construction costs. The Wisconsin Construction Cost Index dropped 5.3 percent last year. On top of those lower costs, bidding has also become more competitive recently.
As long time readers of this space know, I have had lengthy and frequent debates about various school referenda over the years. One of the arguments often advanced by proponents of referendum is that we should do it NOW because it will only be more expensive if we wait. I have pushed back on that because costs do not always go up (except in government). They fluctuate based on numerous factors including supply, demand, availability of substitute materials, labor availability, technological changes, etc. Doing something NOW because the cost is at historic lows (like borrowing costs) is valid, but doing something NOW on the assumption that it will necessarily be more expensive later is a faulty premise.