New Jersey is poised for a significant surge in construction and infrastructure projects, as detailed at the Alliance for Action's 40th Annual Construction Forecast event held in Edison. Industry leaders and government officials highlighted the state's plan to allocate a record $57.6 billion towards construction over the next two years, marking a 5.17% increase from last year's forecast.
The projected spending includes $29.7 billion in 2025 and $28 billion in 2026, aimed at boosting the state's economy and generating new employment opportunities. Jerry Keenan, president of the NJ Alliance for Action, emphasized the positive impact of this growth on New Jersey's construction industry: "These numbers represent significant growth and optimism for New Jersey’s construction industry, which means great news for the entire state."
Keenan further noted that "the jobs and economic opportunities created by construction improve the lives of everyone in New Jersey." The forecast identifies key sectors contributing to this expansion through FY26:
- Utilities will see nearly $15.5 billion invested in water, sewer, gas, and electric projects.
- Hospitals are set to undergo $4.4 billion worth of expansions and renovations.
- The New Jersey Economic Development Authority plans to back state projects with $5.6 billion.
- The Port Authority of NY & NJ has earmarked $4.2 billion for aviation, tunnels, bridges, and more.
Additional notable projects include:
- A planned investment of $1 billion by the New Jersey Schools Development Authority in school construction.
- The New Jersey Turnpike Authority's allocation of $3.1 billion towards various initiatives.
- The New Jersey Department of Transportation (NJDOT) dedicating $2.2 billion to bridge repairs, highway improvements, and safety enhancements.
NJDOT Assistant Commissioner Parth Oza addressed attendees about following up on a record-breaking FY24 capital program with another substantial program exceeding one billion dollars in FY25. This initiative encompasses numerous projects focused on replacing aging infrastructure, resurfacing highways, reducing congestion, and enhancing travel safety across roadways.
