Bedrock of the Economy: The New York Building Industry

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With the City in the midst of robust construction activity and multiple large-scale projects in the offing, the influence and impact of design, construction and real estate is expected to be particularly strong over the next several years and beyond.

Following are just a few examples of ongoing and proposed projects and related benefits NewYork City can expect in the years and decades to come.

New Stadiums for the New York Yankees and Mets Baseball Teams

• New state-of-the-art facilities accommodating more than 7 million fans annually;
• $1.5 billion of private investment in the South Bronx and Flushing, Queens;
• Creation of nearly 16,000 construction jobs and more than 1,500 permanent jobs.

HudsonYards

• $17.2 billion in private sector investment by 2035;
• $1.8 billion in new tax revenues, which will fund an extension of the #7 subway line;
• 24 million square feet of office space, 13.5 million square feet of residential space (including 4,000 affordable units), 2.2 million square feet of hotels and 1.1 million square feet of retail space;
• 217,000 annual construction jobs and 225,000 permanent jobs.

AtlanticYards

• Creation of a dynamic new neighborhood, serviceable by multiple mass transit lines that will link Downtown Brooklyn, Fort Greene and Park Slope;
• Construction of an 18,000 seat arena that will bring a professional sports franchise, the New Jersey Nets, back to Brooklyn for the first time in half a century and provide an exciting new entertainment venue;
• 7 acres of accessible public open space;
• $944 million in tax revenues for New York State;
• 6.8 million square feet of residential space, including about 6,000 affordable or market-rate housing units;
• Adramatic expansion of Brooklyn’s office market.

Trans-Hudson Express Tunnel

• Reduced congestion at Pennsylvania Station resulting in faster, more reliable and enjoyable commutes for Manhattan workers living in New Jersey;
• Removal of 35,000 vehicles from the region’s roads and stimulating growth in and around existing public transit;
• 6,000 new construction jobs;
• $10 billion in gross regional product;
• $4 billion in real personal income.

World Trade Center

• Creation of a dynamic 24/7 community linking Wall Street to Tribeca;
• An average of about 8,000 construction jobs a year through 2012;
• Close to $15 billion in total economic output for New York City during construction;
• Approximately 77,000 permanent jobs and $15 billion in annual economic output for the City once complete and fully operational.

Foundation for Success

The work of the combined design, construction, and real estate industry is comprehensive, complex and vital; much like New York City itself. But that is only one part of its importance and its relevance. The economic impact, workforce diversity, charitable contributions and quality of life enhancements tied to the industry’s many sectors, make it significant not only to the progress of the City’s built environment, but to the mix of talent, backgrounds and income that make the metropolitan region so attractive and so successful.

New York Bedrock: The New York City Building Industry was prepared with the assistance of Urbanomics on behalf of the New York Building Congress and the New York Building Foundation.