A report by the Building Trades Employers’ Association shows the COVID-19 pandemic resulted in $9.8 billion in lost construction activity and 74,000 direct and indirect lost jobs in New York City, according to www.constructiondive.com. The decline in jobs contributed to a $5.5 billion loss in total wages.
The decline in activity also affected the city’s Minority and Women Business Enterprises; more than 85% are expected to be out of business during the next six months.
A report from the New York City Independent Budget Office noted it will take at least five years to recover from the pandemic’s effects.
