Over the next five years, New York infrastructure investment in capital projects, like transportation systems, community development and educational buildings, will create an estimated 675,000 jobs statewide.
New York Infrastructure Development Prioritized
Governor Andrew Cuomo announced in June that New York State is investing $150 billion in developing infrastructure, like Brooklyn’s Kosciuszko Bridge and LaGuardia Airport.
‘Building for the future’
“After a half century of neglect and inaction, New York is once again building for the future, and our infrastructure investments are already creating hundreds of thousands of jobs,” Governor Cuomo said. “This record commitment to infrastructure, which builds on our already thriving $100 billion program, will drive our momentum forward and demonstrates yet again that with vision and ambition, New York is setting an example for the rest of the nation to follow.”
The Details of New York’s Big Infrastructure Investment
New York State will build on a previous capital project initiative launched in 2016. The plan will invest billions more to upgrade existing roads, bridges and buildings. It will be funded through a combination of state, federal, local government, public authority funds as well as private investment.
New York will earmark $66 billion to transportation infrastructure, including mass transit, railroads, airports, highways, bridges and tunnels.
Major Projects Planned
- JFK Access: Van Wyck Expressway Phases 2 & 3
- Hunts Point/Bruckner Phases 2 & 3
- Reimagine Route I-81 in Syracuse
- Port Authority Bus Terminal
- George Washington Bridge Bus Station
- Brooklyn Marine and Red Hook Terminals
- Replacement decking for the Newburgh-Beacon Bridge
- Subway system and MTA capital asset upgrades
Environmental facilities are another significant part of the New York infrastructure plan. The state has budgeted $32 billion to rebuild parks and invest in green energy, including:
- NYSERDA Green Bank Investments
- Clean Energy Standard Renewable Energy Credits
- NY-Sun Program
- Environmental Protection Fund
- EFC Clean Water State Revolving Fund
- State Superfund
- Parks, Recreation & Historic Preservation
Economic and Community Development
The Governor’s plan also allocates $11 billion for economic and community development to support regional strategies, attract private investment and create new jobs.
The state is investing $9 billion in the construction of quality affordable housing.
Latest New York Infrastructure Announcement Builds on Older Plan
Before the June announcement, the state had already invested $100 billion in public development initiatives that have been projected to create 450,000 jobs. This includes major construction projects, such as:
- Mario Cuomo Bridge
- 2nd Avenue Subway
- Kosciuszko Bridge
- Goethals Bridge
- LaGuardia Airport
Governor Cuomo announced that the state’s second wave of public works projects will begin in January 2019 and take five years to complete.