The report also points out the importance of construction unions in New York City, calling them a major driver of the city’s economy.
According to the report:
- Each $1 spent on construction yields $1.31 spent in the city.
- Each $1 million spent on construction creates a total of eight jobs in the city.
- Each job on a construction site results in a multiplier of 1.32 jobs.
- Construction and real estate comprise 20% of the city’s GDP, while providing 10% of jobs and 5% of wages.
BTEA put forth 14 public policy recommendations, 13 of which would cost no additional money, according to Louis J. Coletti, the organization’s president and CEO. Many of them suggest changes to the procurement process on the state and city level.
