New Jersey Construction Estimates Hit All-Time High
A record total of $29.2 billion in public and private construction over the next two years was reported today at the annual Construction Forecast Seminar sponsored by the New Jersey Alliance for Action in Trenton.

The figures represented the highest amount in the 22 years that the Alliance has held the forecast seminars. The two-year figure projected at last year’s seminar was $28.3 billion, an increase of nearly a billion dollars.

Alliance for Action President Philip K. Beachem said the message to state leaders is that to grow New Jersey’s economy it is essential to grow jobs and tax revenues. He declared that the construction industry is a leading barometer in finding ways to help solve the state’s budget deficit problems.

Leading the way in the private sector for planned construction was New Jersey’s Pharmaceutical and Medical Technology companies with planned construction of nearly $4.6 billion over 2007 and 2008.

On the public side, the leading construction estimate was $1.425 billion from the state Department of Transportation, reflecting the impacts of renewal of the Transportation Trust Fund and voter approval on Tuesday of a ballot question dedicating all monies from the state gasoline tax to transportation. The projections of construction spending for two years by New Jersey Transit of $949 million also showed the impact of transportation projects for the construction industry.

Major two year construction estimates from the private sector were:

1. New Jersey Chapter of the National Association of Industrial & Office Properties, $3.2 billion, with the majority of the projects scheduled for Middlesex, Hudson, Burlington and Mercer counties.
2. Atlantic City Casinos, $3 billion
3. New Jersey Utilities, $2.29 billion

1. The Port Authority of New York and New Jersey, $1.35 billion
2. New Jersey Environmental Infrastructure Trust, $1.4 billion
3. U.S. Army Corps of Engineers, $1.16 billion
4. New Jersey Association of County Engineers, $850 million
5. State Schools Construction Corporation, $837 million

NEW JERSEY ALLIANCE FOR ACTION CONSTRUCTION FORECAST SEMINAR November, 2006

AGENCIES 2007 PROJECTED 2008 PROJECTED TOTAL PROJECTED Casino Association of NJ $1500M $1500M $3000M Casino Reinvestment Development Authority $200M $201.5M $401.5M Colleges & Universities   County 180M 180M 360M   State 324M 314M 638M   Independent 284M 227M 511M Construction Roundtable of NJ 321M 337M 658M NJ Utilities 1160M 1136M 2296M Delaware River Port Authority 45M 90M 135M Delaware River Joint Toll Bridge Commission 143.7M 136M 279.7M National Association of Industrial & Office Properties 1600M 1600M 3200M NJ Department of Environmental Protection 100M 190M 290M NJ Department of Transportation 725M 700M 1425M NJ Department of Treasury (Buildings 86M 15M 101M NJ Economic Development Authority 484M 408M 892M NJ Environmental Infrastructure Trust 700M 700M 1400M NJ Health Care Facilities Financing Authority 583M 836M 1419M NJ Pharmaceutical & Medical Tech Companies 2220M 2370M 4590M NJ Schools Construction Corporation 582.6M 251M 833.6M NJ Society of Municipal Engineers 360M 360M 720M NJ State Association of County Engineers 460M 390M 850M NJ TRANSIT 385M 564M 949M NJ Turnpike Authority 386M 228.5M 614.5M NJ Water Supply Authority 3M 3M 6M Port Authority of NY/NJ 720M 630M 1350M South Jersey Transportation Authority 136M 63M 199M US Army Corps of Engineers (New York District) 608M 608M 1216M US Army Corps of Engineers (Philadelphia District) 124M 121.5M 245.5M Verizon 652M 0M 652M Miscellaneous 0M 0M 0M TOTAL $15072.3M $14159.5M $29231.8M