Confirmation of the cost rise came as Balfour Beatty was revealed as main contractor for the bridge building job.
The scheme had been expected to cost Aberdeen City Council £15.5m.
But revised calculations have shown a £2.5m increase due to the extra cost of materials.
Administration councillor Ross Thomson told the Aberdeen Evening Express: “There is a good reason for the increase and we can give the commitment to the people of Aberdeen that we can meet that financial commitment.
“The main reason is the boiling Aberdeen economy. The cost of the materials needed for the construction and the construction fees have gone up in price.”