Dino Tomassetti, Jr. Featured in Recent Article on Construction Industry Outlook
November 12, 2020 at 08:01 AM EST
Real estate industry expert Dino Tomassetti, Jr. was recently featured in an article discussing the 2020-2022 construction outlook provided by the New York Building Congress.
(PRUnderground) November 12th, 2020
In the news article, Tomassetti, who presides over the Asset Realty & Construction Group, explains that per the building congress, spending in the construction industry should surpass the spending that has taken place during eight of the most recent 10 years.
According to Tomassetti, this news might be surprising considering the impact that COVID-19 has had on nearly every industry. However, construction spending this year is slated to reach $55.5 billion, which happens to be an 8.5% decrease from the $60.6 billion spent in 2019. Nonetheless, if the industry does, in fact, reach $55.5 billion, it would match the amount reached in 2017, which was record breaking at that time.
All in all, from 2020 to 2022, total spending in the construction industry should reach $168.5 billion. According to the news article, $56.9 billion of that can be tied to 2021, whereas $56.1 billion should be spent in 2022.
Unfortunately, the number of construction jobs expected for the Big Apple is expected to decline by 128,200 fewer positions. This puts the job count slightly under the level in 2014.
Dino Tomassetti, Jr. emphasizes in the article that the good news, however, is that employment should make a rebound in 2021, when 136,650 positions should surface in the construction industry. This boost should be followed by an increase of 140,200 jobs in 2022. Still, between 2020 and 2022, the construction job count is anticipated to be 14% lower compared with in 2017 to 2019.
Overall, even though the global pandemic has indeed wreaked havoc on the construction industry as well as other industries, the article shows that real estate investors and developers can still feel confident that the industry will survive, if not thrive, in the years ahead.
Disclaimer: The news site hosting this press release is not associated with Dino Tomassetti Jr or Asset Realty & Construction Group. It is merely publishing a press release announcement submitted by a company, without any stated or implied endorsement of the person, information, product or service.
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