Due to budget challenges, Colorado is looking for alternative funding sources for the operation and maintenance of its interstate safety rest areas (SRAs). As CDOT continues to close rest areas due to tight budgets, it should look for alternatives to fund their operation and maintenance. These alternatives include small-scale strategies such selling tourism related items or lottery tickets, and a large-scale strategy that includes developing a commercialized rest area outside of the interstate right of way through a public-private partnership. In addition, CDOT could advocate for changes to federal law.
This report contains the documentation and supporting technical notes for a statistical model that estimates changes in the price components of the Colorado Construction Cost Index. The model contains two specifications. In the first, the composite construction index is a function of the producer prices of inputs: oil, concrete, steel, labor and equipment. In the second, the composite construction index is a function of the price of oil, wages and nationwide demand for construction services. Implementation The model has been transferred to Colorado Department of Transportation (CDOT)'s economist, who will maintain and operate it to forecast price inflation in construction costs over a thirty-year period, in support of statewide planning and programming.