The US Army Corps of Engineers released a cost-benefit analysis Monday for building a new lock in Sault Ste Marie.
The report started in 2016, estimates construction of a new lock would cost roughly one billion dollars and take seven to ten years.
Officials say a previous report from 2007 projected a cost of 341 million.
Lieutenant Colonel Dennis Sugrue is with the Army Corps of Engineers. He said in the difference the updated report accounts for inflation increases.
“Another third are due to some of the design changes and just the differences in the cost of steel and concrete.”
Sugrue says while there are currently two locks operating, roughly 89% of commercial shipping traffic has to move through the larger Poe lock.
“Domestic steel production is almost entirely reliant on this project for its viability. When there are special considerations like I just described that is also used in the decision making whether funding support will be given to a project.”
A 2016 Department of Homeland Security report found that a six-month shutdown of the Poe lock could result in the loss of 11 million jobs across the US.
Sugrue says the project has been given a benefit to cost ratio score of 2.42. Up from a cost-benefit analysis in 2005, which gave the project a score of 0.73
“The corps of Engineers requires projects typically to show a benefit to cost ratio above one. I know those that have higher benefit to cost ratios have competed better for funding.”
Sugrue says the report now goes to Congress who will decide whether to fund construction of a new lock.