Construction in New Jersey is on the rise, according to state reports. Among some of the major projects currently underway in Trenton are a new tax agency building, a new health care project and renovations in the State House. The latter project is a significant, 4-year undertaking that is currently engaged in asbestos remediation. The state treasury department is projecting $1 billion in public spending on projects in the capital alone over the coming years, a higher rate of investment than in recent years.
State treasury spokespeople noted that bond funds were approved for several construction initiatives and that federal funding from the Department of Housing and Urban Development had also been secured. Furthermore, they noted that the state was working to improve energy efficiency and upgrade infrastructure in multiple locations after obtaining a line of credit. The numbers were revealed at a New Jersey Alliance for Action seminar focused on upcoming construction projects in the state. The group’s president noted that upticks in construction work are often reflective of overall economic improvement.
Other types of public sector construction are also on the rise, and construction industry experts noted that 2019 and 2020 should see around $45 billion in new construction projects, a 2 percent rise from predictions one year earlier. Public utilities, transportation agencies and the Port Authority of New York and New Jersey are expected to give rise to significant investments.
When dealing with a major construction project in either the public or private sector, it can be all too easy for misunderstandings or disputes to develop. This is one reason why it is critical to negotiate detailed construction contracts with clear incentives and penalties for delays or breaches. Construction contract lawyers can work with contractors and companies to address emerging disputes and negotiate fair contracts with detailed expectations.
