BTEA Economic Impact Report

The Economic Losses Caused By The Covid-19 Pandemic 9 Governor Cuomo’s Reimagine Rebuild Renew Plan As the city begins to emerge from the COVID crisis, there is finally hope for the future. The Governor has put forth a plan to invest $125.2 billion in construction activity in New York City over the next 10 years. The plan will create 717,000 jobs (576,000 in construction) and $84.6 billion in wages ($71.6 billion in construction) Over the next ten years, these investments will alleviate all the losses suffered during the COVID-19 pandemic. Next Steps, And Moving Forward The prospects for recovery are strong – but only if needed legislative and regulatory changes are made. The pages that follow summarize the regulatory and legislative changes that need to be made to achieve a full economic recovery. Union Diverse Workforce with Better Earnings than Non-Union Diverse Workforce A workforce that will build New York’s middle class by earning higher hourly wages with Black union workers earning 36.1 percent more than non-union Black workers and Latino union workers earning 52.7 percent more than non-union Latino workers Black union workers earning 36.1 percent more than non-union Black workers Latino union workers earning 52.7 percent more than non-union Latino workers 36.1% 52.7% 717,000 jobs 576,000 in construction $84.6 billion in wages $71.6 billion in construction