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Post Office Construction Costs Keep Rising Amid Deficits
Washington AP reports the postal service spends about 500 million annually on new buildings. For the year ending this month commitments total around 417 million, with prior year at 257 million and a five year average of 516 million. The service has run debt around 600 million yearly while seeking higher subsidies to avoid insolvency. Alfred Maevis cites funding by bonds over 20 years and says growth in mail volume and past neglect drive needs, with savings from consolidating six NYC area facilities at Kennedy Airport. Construction commitments have declined from a 671 million peak in 1973 and are expected to level off.
MENTIONED IN THIS ARTICLE
Washington
Postal Service
Reorganized
Benjamin Bailor
Maevis
Kennedy International Airport