TokyoTokyo Mon - Fri 10:00-18:00 +81 (366) 701-751

NYC construction industry lost 74K jobs during pandemic

Mount Equity Group Tokyo Japan > News > Business > NYC construction industry lost 74K jobs during pandemic

The New York City construction industry lost 74,000 jobs and $9.8 billion in activity last year during shutdowns triggered by the coronavirus pandemic, according to a new study by an industry group — which is urging lawmakers to take action to get hard hats back to work.

The COVID-19 safety restrictions that closed job sites resulted in a loss of $5.5 billion in wages and 8.3 percent in commercial real estate, mortgage recording and transfer taxes to the city, the analysis conducted for the Building Trades Employers Association said.

The building and construction trade industry represents 20 percent of the city’s economy, 10 percent of jobs and 5 percent of wages, the report said.

The city is not expected to regain all the jobs lost during the pandemic until 2025.

“We’re at a critical point in our history. New York City is in danger,” said Lou Coletti, president and CEO of the Building Trade Employers Association.

The building and construction industry accounts accounts for nearly a quarter of NYC’s economy.Michael M. Santiago/Getty Images

“The city shot itself in the foot with Amazon. We’re strangling ourselves,” he added, referring to the proposed Amazon campus along the Queens waterfront that was