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How much money did the US spend building the Panama Canal? The United States spent $350 million dollars to build the Panama  Canal. Panama invested $10 million of their own money on this  project. The US also made a payment to Colomâ¦bia, from which Panama  broke away from. 6 people found this useful.
Engineering was also changed to the lake and lock canal idea, which Roosevelt was a proponent for. This system involved damming the Chagres, creating a lake in the interior of the country. Locks would then raise ships out of the Atlantic to the lake's level, allowing them to cross to locks on the Pacific side. Despite more setbacks (including broken equipment, weather, and natural disasters) and another unexpected change of engineers, the Panama Canal was finally completed on September 26, 1913.