Misc
9 Construction Projects That Broke the Bank
9 Construction Projects That Broke the Bank
Large and sophisticated construction projects have a tendency to go over-budget and to sometimes stall indefinitely. However, there have been some that have disappointed more than others. Today’s infographic covers some of the most notorious construction projects that quadrupled in cost, become obsolete, or were downright botched.
For good reference before reading this list, it may be worth checking out this previous infographic: Top 10 Civil Engineering Projects of All-Time.
10 Construction Projects that Broke the Bank
1. Ryugyong Hotel, Pyongyang (North Korea)
Construction began in 1987 and stopped in 1992 after North Korea spent as much as 2 percent of its GDP on the project and funding dried up.
2. Montreal-Mirabel Airport (Canada)
After $1 billion and five years of construction, this airport was hoped to take 50 million passengers a year. Instead it took 2.8 million, and ended up becoming a testing and cargo airport.
3. Millennium Dome, London (United Kingdom)
Costing $1.1 billion, ticket sales for attractions were well below expectations. The dome’s operator only made $275 million in revenues and were accused of fraud by vendors and suppliers.
4. Burj Khalifa, Dubai (United Arab Emirates)
The construction of the world’s tallest building coincided with the global financial crisis. Taking six years and costing $1.5 billion, Dubai had to borrow money from Abu Dhabi to complete it and the majority of residencies remain vacant.
5. Strait of Messina Bridge (Italy)
This 3.3 km bridge was expected to link Sicily to the Italian mainland. In 2013, it was discontinued because of lack of funds, and concerns that money would go to the Sicilian and Calabrian mafias.
6. Mose Project, Venice (Italy)
This project hopes to prevent Venice from sinking deeper into the lagoon on which the city is located. $7 billion has been spent to date, but it has been hampered with delays because of Italy’s economic condition.
7. The Channel Tunnel (UK and France)
50km long, underneath the English Channel, the Channel Tunnel continues to be a heavy financial toll. The rail link connecting London to the British side of the Channel opened, costing $13.8 billion, the most expensive individual construction effort in the country’s history.
8. The Big Dig, Boston (United States)
The original cost estimate for the Big Dig, an underground road of eight to ten lanes, was expected to be $2.6 billion. Now it is expected that with interest, the total cost will come to $22 billion.
9. The International Space Station (Space!)
Costing over $100 billion over 13 years, the space station is the most expensive science project ever attempted. Critics suggest that the money could have better spent on robotic spacecraft missions or space exploration.
Original graphic from: Gutter Masters
Misc
How Hard Is It to Get Into an Ivy League School?
We detail the admission rates and average annual cost for Ivy League schools, as well as the median SAT scores required to be accepted.
How Hard Is It to Get Into an Ivy League School?
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Ivy League institutions are renowned worldwide for their academic excellence and long-standing traditions. But how hard is it to get into one of the top universities in the U.S.?
In this graphic, we detail the admission rates and average annual cost for Ivy League schools, as well as the median SAT scores required to be accepted. The data comes from the National Center for Education Statistics and was compiled by 24/7 Wall St.
Note that “average annual cost” represents the net price a student pays after subtracting the average value of grants and/or scholarships received.
Harvard is the Most Selective
The SAT is a standardized test commonly used for college admissions in the United States. It’s taken by high school juniors and seniors to assess their readiness for college-level academic work.
When comparing SAT scores, Harvard and Dartmouth are among the most challenging universities to gain admission to. The median SAT scores for their students are 760 for reading and writing and 790 for math. Still, Harvard has half the admission rate (3.2%) compared to Dartmouth (6.4%).
School | Admission rate (%) | SAT Score: Reading & Writing | SAT Score: Math | Avg Annual Cost* |
---|---|---|---|---|
Harvard University | 3.2 | 760 | 790 | $13,259 |
Columbia University | 3.9 | 750 | 780 | $12,836 |
Yale University | 4.6 | 760 | 780 | $16,341 |
Brown University | 5.1 | 760 | 780 | $26,308 |
Princeton University | 5.7 | 760 | 780 | $11,080 |
Dartmouth College | 6.4 | 760 | 790 | $33,023 |
University of Pennsylvania | 6.5 | 750 | 790 | $14,851 |
Cornell University | 7.5 | 750 | 780 | $29,011 |
*Costs after receiving federal financial aid.
Additionally, Dartmouth has the highest average annual cost at $33,000. Princeton has the lowest at $11,100.
While student debt has surged in the United States in recent years, hitting $1.73 trillion in 2023, the worth of obtaining a degree from any of the schools listed surpasses mere academics. This is evidenced by the substantial incomes earned by former students.
Harvard grads, for example, have the highest average starting salary in the country, at $91,700.
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