Public Construction Could Be Bright Spot in 2009

Trenton, NJ, Nov. 7, 2008--While many forecasts are calling for a slowdown in non-residential construction, New Jersey offers a glimmer of hope.

New Jersey will see more than $36 billion in new construction projects over the next two years, most of it publicly funded, the New Jersey Alliance for Action said in its 24th annual construction forecast. That represents a 20 percent increase over last year's forecast, $30.7 billion, which was the all-time high.

"I am pleasantly shocked by these numbers," Alliance president Philip Beachem said after a seminar held in Trenton. Beachem also acknowledged previous prognostications are never audited to gauge accuracy.

The predictions come from 28 public- and private-sector entities that total $18.3 billion for 2009 and $18.5 billion for 2010.

"Without public-sector projects, there would be little or no work in New Jersey," said moderator Richard Franklin, vice president of public affairs for Advance Realty Group.

Leading the charge for 2009 were state utilities, the Port Authority of New York and New Jersey, pharmaceutical and medical technology companies and the N.J. Schools Development Authority, who collectively predict $7 billion in new construction next year.

One group that ratcheted down its previous projections was the Casino Association of New Jersey, which last year predicted $1.5 billion for 2009, but yesterday lowered that figure to $800 million, as several casino projects have stalled in the current economic downturn. Just yesterday, Pinnacle Entertainment shelved plans for a $2 billion casino on the Atlantic City Boardwalk.

The National Association of Industrial and Office Properties likewise cut its 2009 projection in half, to $520 million.


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