EDISON, NJ. November 13, 2024 (Biz Republic) — New Jersey’s construction and infrastructure scene is booming, creating huge opportunities for businesses in the industry. At the NJ Alliance for Action’s 40th Annual Construction Forecast, industry leaders learned that the state is on track to spend a record $57.6 billion in construction over the next two years, a 5.17% jump from last year’s forecast.
“These numbers represent significant growth and optimism for New Jersey’s construction industry, which means great news for the entire state,” said Alliance for Action President Jerry Keenan. “The jobs and economic opportunities created by construction improve the lives of everyone in New Jersey.”
Key sectors driving this growth include:
Utilities: Nearly $15.5 billion in capital infrastructure spending on water, sewer, gas, and electric projects.
Hospitals: $4.4 billion in expansions and renovations.
New Jersey Economic Development Authority: $5.6 billion in state-backed projects.
Port Authority of NY & NJ: $4.2 billion on aviation, tunnels, bridges, and more.
Other significant projects include:
The NJ Schools Development Authority’s $1 billion in planned school construction.
The NJ Department of Transportation’s $2.2 billion for bridges, highways, and safety improvements.
New Jersey Department of Transportation Assistant Commissioner Parth Oza said, “The New Jersey Department of Transportation is following up a record-breaking SFY 24 capital program with another billion-dollar-plus program this year, comprising a wide range of projects that replace aging bridges, resurface our highways, ease congestion, and make travel safer for all roadway users,” said NJDOT Assistant Commissioner Parth Oza.
With $29.7 billion in 2025 and $28 billion in 2026, these numbers signal a booming market—great news for the construction sector. The growth means new projects, jobs, and economic opportunities for everyone in New Jersey.
The New Jersey Alliance for Action’s events are regularly gateways to the newest and largest opportunities in New Jersey construction. Stay up to date with the latest construction news and keep yourself connected with industry leaders by joining us at an event near you.
Click HERE to view the Construction Forecast numbers chart.
The Alliance for Action is celebrating its 50th anniversary in 2024. Since 1974, we’ve worked as a non-partisan and non-profit association representing thousands of business, labor, government, utility, education, professional, and other New Jersey leaders. Our mission is to improve New Jersey’s economy through the promotion of environmentally friendly capital construction and infrastructure investment.
