Does your company offer work in New York? If it doesn't currently, you might want to consider it. There's potentially a wealth of opportunity in the next few years for infrastructure contractors, thanks to New York Governor Andrew Cuomo. Cuomo released his budget for fiscal year 2021 this week, saying it included the largest infrastructure plan in the history of the United States.
What's that plan you ask? An investment in transportation infrastructure, affordable housing, green improvements and other state-funded construction projects totaling $275 billion. The budget includes a 5-year, $175 billion plan that builds on 2016 plans for $100 billion in infrastructure projects.
Here's a quick breakdown of where the money will go, according to the plan:
- $87 billion for transportation, including mass transit, railroads, airports, highways, bridges and tunnels
- $35 billion for improving environmental facilities and parks and the development of green energy
- $11 billion for economic and community development
- $9 billion to further state investment in the construction of high-quality, affordable housing
- $19 billion to help school districts build new and better school buildings
- $14 billion to improve and maintain SUNY and CUNY buildings, state health care facilities and other capital assets
The budget will also support previously planned projects, such as the Metropolitan Transportation Authority's $51.5 billion capital plan, the Gateway Tunnel project and the $13 billion modernization project at John F. Kennedy International Airport.
Read the full budget here.