Final answer:
From 1994 to 2009, projects were likely influenced by economic policies resulting in budget surpluses in the late 1990s but shifted to larger deficits in the 2000s, particularly due to the 2001 recession and the severe recession starting in late 2007. State and local governments reduced spending during recessions, and poor decisions in project design could have led to projects being over budget or late.
Step-by-step explanation:
Trend in Projects Late or Over Budget
From 1994 to 2009, the trend for projects being late or over budget can be inferred from the broader context of economic policies and conditions during that period. While the late 1990s were characterized by budget surpluses from 1998 to 2001, the early 2000s saw a shift towards larger budget deficits due to tax revenue shortfalls from the 2001 recession, tax cuts, and increased government spending. Furthermore, the severe recession that began in late 2007 exacerbated these deficits with significant increases in public spending and lower tax collections. This created an environment where many projects, particularly those dependent on government funding, could have been prone to being over budget or delayed due to fiscal strains.
It's also important to consider that during times of budget deficits and economic downturns, state and local governments tend to cut their spending, which was seen during the recession that occurred towards the end of this period. The recession severely impacted budgets, potentially influencing the trend for projects to become late or over budget. In addition to that, poor design decisions made early in the process have been noted as a contributory factor for project failures, leading to over-budgeting or delays irrespective of the economic circumstances.
The early part of the 21st century saw governments around the world, including the United States, Western Europe, and Japan, running very large budget deficits as part of their expansionary fiscal policies to revive their economies. These budget decisions likely had ripple effects on the management and funding of various projects, contributing to the trend of projects being over budget or delayed during this time frame.