City plans $8.8B public works investment next year, but funding likely to dwindle after

New York City infrastructure construction spending is set to remain “above historic standards” during fiscal year 2012 but taper off considerably over the next decade, according to a New York Building Congress report released today. The city has proposed spending roughly $8.8 billion on infrastructure construction projects, such as roads, bridges and schools, during fiscal year 2012 and around $8.1 billion the following year. But while the city has planned an aggressive infrastructure spending strategy for the near-term, it’s proposed spending just $47 billion total between 2012 and 2021, a near-halving of current capital investment in public works. New York Building Congress President Richard Anderson said that this strategy reflects an increased strain on city officials. “[The] investment… reflects pressures on government revenues and the absence of political support for now revenue streams devoted to capital programs,” Anderson said. TRD

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