BTEA Economic Impact Report

A Strategy To Rebuild And Renew New York City 6 “ “ Add loss copy $9.8 billion in construction activity 74,000 direct, indirect and induced jobs $5.5 billion in total wages 8.3 percent of revenue in commercial rent, mortgage recording and transfer taxes to NYC THE ECONOMIC LOSSES CAUSED BY THE COVID-19 PANDEMIC The loss of construction activity further impacted New York’s Minority and Women Business Enterprises (MWBEs). A survey conducted by the NYC Comptroller’s Office in June 2020 of over 500 MWBES found that over 85 percent expected to be out of business within the next six months. New York City’s union construction industry was alive and well until March 2020, when the COVID–19 pandemic shut down construction and brought New York City’s economy to a grinding halt. The decline of construction activity due to the COVID-19 pandemic resulted in a significant loss of revenue, jobs, wages and commercial real estate revenue and related taxes, as follows: A decade of employment growth was wiped out in two months last year. . .It will take at least five years to recover from the real contagion horror that has afflicted the city starting 12 months ago. Source: NYC Independent Budget Office