World Trade Centre rebuilding cost balloons to $14.8 BILLION

An auditing firm says the cost of rebuilding the US World Trade Centre has ballooned by nearly $US4 billion ($A3.74 billion) over the last four years.

The Port Authority of New York and New Jersey owns the lower Manhattan site. It has lost millions of dollars in revenue because of lower traffic at its ports, airports and river crossings.

Navigant Consulting said on Tuesday the Port Authority is a dysfunctional organisation that has let the World Trade Centre rebuilding project’s costs get out of control. The estimated cost has gone from $US11 billion in 2008 to $US14.8 billion now.

New York Governor Andrew Cuomo and New Jersey Governor Chris Christie ordered the review after the agency’s board voted to raise bridge and tunnel tolls in August.

The company laying steel for the main Trade Centre tower has run into financial problems.

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