Construction leaders from across New Jersey gathered and forecast $45 billion in upcoming construction work in 2019 and 2020, nearly a $1 billion increase over the number forecast last year.
The 2% increase was projected at the New Jersey Alliance for Action’s 34th annual Construction Forecast Program, attended by over 200 construction engineering, contracting, labor, higher education, utility, government and other leaders.
New Jersey State Treasurer Elizabeth Maher Muoio led off the speakers with a presentation on projects being undertaken by the State Department of Treasury including renovations to the historic state house complex.
Additional plans were reported by some twenty-six leaders of public and private agencies for 2019 and 2020.
Philip K. Beachem, president of the non-partisan business, labor and government Alliance for Action, said the he was pleased with the overall New Jersey increase in light of some national concerns about the overall construction economy.
Construction spending was led by strong numbers from both private and public agencies including the Port Authority of New York and New Jersey, New Jersey Transportation agencies, private commercial construction and New Jersey utilities.
Beachem stated that the construction economy is a strong indicator of the overall state economy.
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