As 2022 fast approaches a multitude of construction projects will soon begin across the Garden State that are expected to generate significant economic activity.
According to Jerry Keenan, president of the non-partisan New Jersey Alliance for Action, construction leaders are forecasting $32 billion in capital investments across the state in 2022 and 2023.
He said this is good news because when construction moves forward it improves the entire economy and creates thousands of new jobs.
“And not just the construction jobs but it also provides opportunities for the material suppliers, if you build a new road a company can come in and build a new office there, you have hospitals going up, you have schools going up,” he said.
“These schools that go up or these hospitals that are built, they become community centers and continue adding to the economic progress of the area that they’re in," Keenan stressed.
He said many of the projects on the drawing board will benefit the environment.
“We’re talking about ocean wind projects, we’re talking about clean energy projects being put out by the PSE&Gs of the world or the JCP&Ls of the world,” he said.
Keenan pointed out the state will also receive a significant amount of federal funding.
“New Jersey is expecting to get about $13 billion over the next five years for highway investment, bridge investment, transit, for broadband, for clean water projects and much more,” he said. “When you have this major construction activity moving forward, it has a great impact on the entire economy of New Jersey.”
Upcoming construction plans were discussed during the Alliance for Action's 37th annual Construction Forecast Seminar, attended by over 200 engineering, contracting, labor, higher education, utility, government, corporate, professional and other state leaders.
The mission of the Alliance is to improve New Jersey's economy through the promotion of capital construction and infrastructure investment.
Over 2,500 of New Jersey's top corporate, labor, professional, academic and governmental representatives are members of the NJ Alliance for Action.
For a detailed look at the construction projections, you can click here.
You can contact reporter David Matthau at David.Matthau@townsquaremedia.com.