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.