Construction leaders from across New Jersey forecast $44 billion in upcoming construction work in 2018 and 2019, a $7 billion increase over the number forecast last year.
The 18 percent increase was projected at the New Jersey Alliance for Action’s annual Construction Forecast Seminar, attended by over 200 construction engineering, contracting, labor, higher education, utility, government and other leaders.
The plans were reported by some twenty leaders of public and private agencies for 2018 and 2019. The totals were approximately $26 billion for 2018 and $18 billion for 2019.
Philip K. Beachem, president of the non-partisan business, labor and government Alliance for Action, said the large construction spending increase is attributable to many of the programs put in place in recent years, “including renewal of New Jersey’s Transportation Trust Fund, the Higher Education Construction Bond Issue and major spending by New Jersey’s utility companies.”
Some of the leading construction users also include the office and industrial industry, which is forecasting more than $3 billion worth of capital investments and the Port Authority of New York & New Jersey, projecting $3.3 billion of infrastructure repairs.
The New Jersey Department of Transportation, the New Jersey Turnpike Authority, the South Jersey Transportation Authority and New Jersey Transit combined to project $5 billion in construction activity over 2018 and 2019.Related Articles: