By Briana Vannozzi
Correspondent
A forklift beep is a sound you may be hearing a lot of in the next two years. They’re predicting a construction boom around the state, more than $39 billion worth of work, estimated to start in 2015.
“This means that union carpenters throughout the state of New Jersey are going to be very busy and we’re excited about this,” said Northeast Regional Council of Carpenters Regional Manager Bill Sproule.
Business and industry leaders submitted their predictions and planned projects to the New Jersey Alliance for Action’s Forecast Seminar. The group focuses on capital construction and economic growth. It’s President, Phil Beachem said it’s a 20 percent increase over last year’s numbers.
“By and large these were the most impressive numbers that we have seen in the 30 years we’ve done this program,” said Beachem.
Beachem says many projects do rely on sources of funding being available-especially those in the public sector. but according to data utility companies lead the way in the amount they reinvest to infrastructure. They report $5.7 billion in expected projects. The National Association of Industrial and Office Properties plans to spend about $4.6 billion on many of those long-vacant office complexes. The Port Authority $2.4 billion, New Jersey Transit estimates $1.5 billion and the Turnpike Authority $930 million.
“The private sector numbers are really starting to uptick, which in a recessionary economy those numbers are usually down. So, we’re seeing a resurgence of private sector activity,” said Beachem.
Actually, about $9.5 billion projected. Major state colleges and the Casino Reinvestment Redevelopment Authority also estimated big numbers. Bill Sproule represents about 30,000 union carpenter members.
When asked how accurate the projections are Sproule said, “They’re pretty accurate. The statistical numbers they provided are based on projects that are actually shovel ready, or they’ve even started or they’re in pre-planning but gonna start very shortly.”
With all the optimism coming out of yesterday’s seminar, there was one concern on many people’s minds, the Transportation Trust Fund. Many future projects rely on its replenishment.
“We are now in the debate on the renewal of our Transportation Trust Fund as well as a debate in Washington on the renewal of the federal highway trust fund those two renewals are critical for both NJ Transit construction numbers and for NJ DOT numbers,” said Beachem.
Even with certain funding in limbo, both Beachem and Sproule say there’s plenty of room to be optimistic. The numbers may only give a snapshot of the economy, but that picture seems to be looking a little clearer.