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Food for Thought: Building NYC Back Better
March 17, 12:00 pm - 1:00 pm
Francisco Pineda, Lecturer in the Discipline of Construction Administration; Academic Director, M.S. Construction Administration
Community, Careers, and Commerce
The economic and societal Impact of construction has been undervalued. The majority of policy makers and the public do not fully grasp the extent and contribution of the construction sector to an economy. Even fewer understand the sector’s larger contribution to economic enablement across other core industries. Or, its central role in the creation of jobs and sustainment of blue, gray, purple, and white collar careers and workforce development.
In New York City, the construction sector is over-shadowed by finance, technology, health care, retail and media industries. This limited view is due to the way economists and statisticians classify and account for GDP contribution. Under these accounting standards, the construction sector only accounts for roughly 4.46% of NYC employment and about 5-7% of the NYC GDP barely placing it in the top 10 “industries” and relegating it to a low-impact, low priority sector for policy makers, the media, and the public.
But this picture may be misleading, and the real economic value of construction may in fact be significantly higher – as high as 20%. A broader understanding of the sectors role will better inform policy and investment as well as position it as a destination for high performing jobs that have an impact to our communities, our competitiveness, and our regions equitable economic development.
In light of Biden’s Infrastructure plan, key questions explored:
- how construction is defined and how it is changing
- its interdependencies and impact across NYC most important industries,
- Biden’s national infrastructure vision
- Cuomo’s NY infrastructure strategy
- Albany / NYC love/hate
- Major capital projects, and micro solutions
- Opportunities, challenges, continuities, and discontinuities