Public and private construction anticipated in New Jersey over the next two years was projected at $36.2 billion. The estimates came from thirty representatives of public agencies and the private sector during the 25th Annual Construction Forecast Seminar sponsored by the New Jersey Alliance for Action.
The totals represented a decrease of $541 million, or about 1.5%, from the record total of $36.8 billion at the Alliance’s seminar held last year. The two-year breakdown today was $18.6 billion for 2010 and $17.6 billion for 2011.
The major construction plans from public agencies were dominated by transportation infrastructure projects and improvements. The key private sector plans came from New Jersey’s utility companies and the state’s pharmaceutical and medical technology industry.
Alliance President Philip K. Beachem, said that the slight decrease in the construction forecasts today was encouraging in light of the current national and state economic climate. He and other presenters emphasized that the forecasts could be affected by other future possibilities ---such as renewals of New Jersey’s transportation trust and the federal transportation funding bill now pending before Congress.
Beachem also stressed that the economic plans reported today also depend on the need to reform New Jersey’s regulatory systems which impede important infrastructure projects from moving ahead promptly.
Highlights of the transportation forecasts presented were:
- New Jersey Transit, which includes construction of the Trans-Hudson mass transit tunnel --- $4.7 billion.
- The Port Authority of New York and New Jersey --- $4 billion
- New Jersey Turnpike Authority, which includes both the Turnpike and the Garden State Parkway, --- $3.3 billion
- State Department of Transportation --- $1.8 billion
Other construction plans offered by public agencies included these highlights:
- New Jersey Schools Development Authority --- $1.2 billion
- New Jersey Economic Development Authority --- $1.4 billion
- New Jersey Environmental Infrastructure Trust --- $1.2 billion
- US Army Corps of Engineers (New York District) --- $2.5 billion
- New Jersey Health Care Facilities Financing Authority --- $1.1 billion
The private sector produced the single highest construction forecasts of $5.3 billion over two years by New Jersey Utilities. Another important private sector projection came from the New Jersey’s pharmaceutical companies --- $3.2 billion. Here, too speakers stressed that this could be affected by whatever health care reform decisions are made by Congress.
To see Construction Forecast Seminar results, Go Here.
