New York State Budget – Infrastructure Spending
New York Governor Andrew Cuomo presented the State’s proposed budget for 2021. The budget includes spending increases to combat climate change, improve education, and fight homelessness. The most significant proposal for the construction industry is the additional funding for infrastructure.
Governor Cuomo started with a $100 billion investment in infrastructure before 2020, then added another $175 billion in the 2021 budget to bring the total to $275 billion. The additional funds support transportation and mass transit systems, affordable housing, education, and the environment. Specific infrastructure plans include:
- $87 billion for mass transit, railroads, highways, bridges, and tunnels
- $35 billion to improve environmental facilities and parks
- $11 billion for economic development
- $19 billion for schools
- $14 billion to develop and maintain SUNY and CUNY buildings
While many infrastructure initiatives are already underway, the 2021 budget needs to be approved before the additional $175 billion can be utilized. The next step in the New York budget process is for the New York Legislature to review, change, and enact into law.