BTEA Economic Impact Report

New York City remains in the grip of an unprecedented economic malaise as a direct result of the COVID-19 pandemic. The pandemic became an unanticipated accelerant to bring to a sudden halt the strong economic engine that the construction industry brought to New York City over the past several years since the 2008 economic decline. A STRATEGY TO REBUILD AND RENEW NEW YORK CITY The Impact of the Union Construction Industry on New York City’s Economy Louis J. Coletti President & CEO BTEA Building Trades Employers Association (BTEA) is the construction contractor’s unified advocate for construction safety standards, professional development, government affairs and public relations. We are committed to fostering communication between public officials, public and private owners, labor and the general public. BTEA represents 26 Construction Contractor Associations, with over 1,200 Construction Manager, General and Specialty Trade Subcontractor companies. In 2020, BTEA contractors had an estimated $65 billion in construction revenue in new commercial, residential, interior renovations, healthcare and public work projects. REBUILDING AND RENEWING NEW YORK CITY: Fast Track to Recovery | The Impact of the Union Construction Industry on New York City’s Economy is a comprehensive report that examines the last five years of construction data and analyzes the impact of COVID-19 and what will be required to rebuild and renew New York City’s economy to its former state. Copyright, 2021, Building Trades Employers Association When the Building Trades Employers’ Association (BTEA) looks at the remarkable New York skyline and its infrastructure improvements — it sees more than just steel, concrete, glass and brick. We see new tax revenues, new jobs, an improved quality of life and new business opportunities. We see job opportunities that can and should lead to a growing middle class. In 1998 , the New York City Council issued a report entitled Hollow in The Middle: The Rise and Fall of New York’s Middle Class. Written in the middle of an economic expansion, the report found that NYC’s middle class was smaller than it was in 1977 and had a growing inequality in the distribution of income. That “Hole in The Middle” threatens to become a crater in 2021 and beyond, unless we build ourselves out of it — creating good jobs that will rebuild New York’s middle class. And that is the importance of the union construction industry’s economic impact on New York City and its ability to support economic recovery and growth for all New Yorkers. RESEARCH PROVIDED BY