US state Louisiana has announced its plans to commence a project to widen and construct a two-mile segment of I-49 South with an estimated investment of between $90m and $110m.

The project will be funded by bonding out the Unclaimed Property Fund and the new segment will cover the stretch from north of Ambassador Caffery Parkway to Albertsons Parkway in Lafayette Parish. An estimated 35,000 commuters use this segment of the roadway every day.

The Louisiana Department of Transportation and Development (DOTD) is currently pursuing a design-build contract to begin the construction on the segment.

The contract is expected to be awarded in early 2014, with the project estimated to be completed in early 2017.

The design-build process will allow a designer and contractor to bid and collaborate on the project together for faster completion.

Louisiana Governor Bobby Jindal said that completion of the I-49 South is vital for transforming the region and boosting the economic growth of the entire state, and it has been the government’s top transportation priority in this area since 2008.

"Completing I-49 South will reduce congestion, make our roads safer for our families, and make this region more accessible and more attractive to companies looking to invest and create jobs," Jindal added.

The I-49 South project, which stretches from Lafayette to New Orleans, will convert US 90 into an interstate-standard roadway, and improve travel between the two cities.

"The contract is expected to be awarded in early 2014, with the project estimated to be completed in early 2017."

The total corridor of I-49 south includes around 160 miles of roadway, of which over 100 miles have been completed or are currently under construction.

Once finished, I-49 South will give direct access to the ports of South Louisiana for Midwest industries, as well as a bypass around Baton Rouge to facilitate transportation for east-west traffic on I-10, and a connection between oil industry suppliers and manufacturers from New Orleans to Houston.

The corridor improvements along the highway will allow for easy access to local airports and ports including the Lafayette Regional Airport, Acadiana Regional Airport and the Ports of Iberia, West St. Mary and Morgan City.

The government has completed various I-49 South projects, including a $5.4m project to construct frontage roads on US 90 from La. 83 to Darnall Road, and a $20m project to widen US 90 from four to six lanes from Pinhook to Broussard.