New York’s Real Estate Board reports this week that total construction activity in 2020 was the lowest in nearly a decade. This underscores the urgent need for robust infrastructure investments to get new construction projects off the ground, create good jobs and rebuild York’s economy.

The city-wide new buildings in 2020 represented a planned area of ​​42.67 million square meters. This corresponds to a decrease of around 28% compared to the planned area in 2019 and the lowest total value since 2012, according to the REBNY report on the pipeline for the new building will emerge in the fourth quarter of 2020.

The proposed area related to major construction projects in New York City (more than 300,000 square feet) also hit its lowest level since 2012 at 11.6 million square feet – a decrease of approximately 35% from 2019. In 2020, only 27,402 residential units were built proposed for construction – a decrease of around 17% compared to 2019.

This new analysis highlights the ongoing challenges the construction industry is facing due to the devastating effects of the COVID-19 pandemic. However, it also follows some promising recent infrastructure and construction plans submitted by New York Governor Andrew Cuomo and President Joe Biden.

Governor Cuomo recently presented a $ 306 billion infrastructure plan as part of his State of the State Address. Cuomo also unveiled a new development proposal to enable the conversion of unused commercial space into residential buildings as part of its state-of-the-state plans. Biden administration officials have stated that the president plans to work with Congress next month to pursue key federal infrastructure laws. Senator Schumer, who recently became majority leader, will play a crucial role in legislative approval of the federal plan. Promoting efforts at the state and federal levels will play a crucial role in creating much-needed construction activity.

“After a historically challenging year, the start of the construction and development industry will be critical to the recovery of New York City’s economy. The reality is that our city is not getting enough construction going right now – and not enough housing, either affordable housing to meet immediate and long-term needs, “said REBNY President James Whelan. “Governor Cuomo, Senator Schumer and President Biden recognize the importance of robust investment in new construction and infrastructure efforts as part of our recovery – and we must all work together to ensure their initiatives can be implemented as soon as possible to shovel into the ground get and create tens of thousands of good jobs for New Yorkers. “

REBNY continues to work with the Building and Construction Trades Council (BCTC), the Building Trades Employers Association (BTEA), and the New York Building Congress to highlight the importance of the construction and development industries to the future of New York’s economy. Last year, REBNY, BCTC and BTEA reached a critical agreement that provided the framework for the remobilization of the construction and development industries as the state began re-opening after shutdowns due to the effects of COVID-19.

“We pride ourselves on the leadership that paved the way for the safe and successful remobilization of New York’s construction industry amid a global pandemic and for the exceptional efforts of our members beyond the past year to get the job done despite unprecedented circumstances” said Gary LaBarbera, president of the Greater New York City Building and Construction Trades Council. “It is welcome news to the industry that Governor Cuomo, Senator Schumer and President Biden are committed to investing in middle-class careers that will benefit the industry through large, central infrastructure projects, and we look forward to a year in which the Building the direction is pioneering New York’s way out of the economic crisis, as has always been the case in previous crises. “

“The COVID-19 pandemic has negatively impacted countless people and businesses in New York, across the country and around the world, and the construction industry has certainly not been invulnerable. This report further shows that significant infrastructure investments are required to boost our economy and helping people get back to work – from repairing our roads and bridges to improving our transportation systems to building much-needed affordable housing, “said Carlo A. Scissura, President and CEO of the New York Building Congress. “Governor Cuomo, Senator Schumer and President Biden have all expressed the need to invest in infrastructure, and now is the time for a comprehensive national construction plan on the scale or larger of the New Deal. Investments in construction become New York and New York and the United States on their way to economic recovery. “

“The construction industry has historically played a key role in overcoming past economic crises in New York City. We believe it will be now and for the months and years to come,” said Lou Coletti, president of the Building Trades Employers Association. “Every new construction project that moves forward will be another step in rebuilding our economy – and we can do this by continuing to build partnerships between labor, industrial and public sector leaders that break down barriers and provide good jobs and opportunities for New Yorkers . ” “”