Economic Impacts of the NYC Construction Industry Study

Location

New York City, New York

Client

Building Trades Employers Association

Project Lead

Urbanomics

Services

Economic Impacts

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In 2021, the Building Trade Employers Association (BTEA) engaged Urbanomics to prepare an assessment and economic impacts analysis of construction industry activity in New York City in order to understand the importance of construction to the City’s overall economy. The two-part analysis presented a 5-Year historical analysis of construction activity in the context of New York City’s economy followed by an economic impact assessment based on the value of construction put in place on an annual basis from 2016 to 2020. The report provided an in-depth analysis of the economic impacts from the decline of construction activity due to COVID-19 pandemic conditions as well as the potential impacts of Governor Cuomo’s REIMAGINE REBUILD RENEW plan.