f MARKET FORCAST - GCA Opportunity Outlook

Market Forecast

Heavy Civil Construction Market Forecast

The heavy civil construction market in New York City and New York State is growing at a rapid pace. Final capital plans have been approved and City, State, and Federal governments are finally releasing promised funding, allowing long-planned projects to begin construction.

The Metropolitan Transportation Authority (MTA) is currently in the midst of their $54.8 billion 2020-2024 Capital Program, which is 40 percent higher than its $33.3 billion 2015-2019 program.

The Port Authority’s 2017-2026 Ten-Year Capital Plan totals $32.2 billion and includes a $2.7 billion commitment to the Gateway Program Development Corporation for Phase 1 of the Gateway Program.

New York City’s FY 2024 Ten-Year Capital Strategy anticipates investing $164.8 billion, including $29 billion for DEP, $31 billion for DOT, and $23 billion for DDC, to improve its roads, schools, bridges, water and sewer facilities, parks, cultural centers, and transportation systems across all five boroughs

The Infrastructure Investment and Jobs Act has a $1.2 trillion value and will provide historical levels of funding for roads, bridges, transit, and intercity rail systems. This funding will help support projects of critical importance to New York and GCA members.

The 2022-23-2026-27 Capital Program from NYS DOT is providing stable multi-year funding for the area’s bridges, roads, and non-MTA transit systems.

Projects

With funding commitments in place from City, State, and Federal governments, construction on a number of projects is resuming or entering its beginning stages.


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Gateway Development Commission

With NY, NJ, and IIJA funding commitments, the Gateway Development Commission (GDC) recently released an RFP for Hudson River ground stabilization for the future construction of the two planned $16 billion Amtrak tunnels.

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Second Avenue Subway Phase II

Property acquisition for Phase II of the $6.4 billion Second Avenue Subway (SAS) got underway this spring, which will bring SAS to 125th Street, creating a link to other NYCT subways and buses as well as to MTA Metro North rail service

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John F. Kennedy International Airport Redevelopment Program

The JFK Vision Plan was announced in 2017 to modify, update and redevelop existing infrastructure. The Port Authority of New York and New Jersey has committed $3.9 billion to making these upgrades to JFK’s existing infrastructure, including the modernization and expansion of Terminal 8.

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New York City Coastal Resiliency Projects

The NYC Department of Design and Construction Brooklyn Bridge-Montgomery Coastal Resilience (BMCR) project, which began in early 2023, is a coastal protection initiative, jointly funded by the City of New York and the federal government, aims at reducing flood risk due to coastal storms and sea level rise in the Two-Bridges Neighborhood in Lower Manhattan.
The BMCR project reconstructs a portion of the East River Esplanade to reduce risk from flooding while bringing community enhancements, park upgrades, and better access to the East River Waterfront.

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Amtrak Capital Construction

has laid out an ambitious two-year plan to triple its annual infrastructure investment, from $2 billion to $6 billion. This investment will help double ridership by 2040. Amtrak has set a goal of contracting $15 billion in the next 15 months and $32 billion in the next three years.

The 2024 Opportunities Outlook is your opportunity to learn more about these projects, as well as how your firm can be involved in the construction process. The resources available here will guide you toward projects that may be a good fit for your firm and help you prepare a successful bid.

Join the GCA on Thursday, March 28, 2024 from 8:00 a.m. to 11:00 a.m. at Club 101 as they host their annual diversity EXPO for certified MWBEs, DBEs and SDVOBs.

Register now