ACCNJ Report Highlights Strength and Future Growth of Construction Industry in New Jersey
March 26, 2025, 12:37 pm | in
ACCNJ Report Highlights Strength and Future Growth of Construction Industry in New Jersey
Edison, NJ — The Associated Construction Contractors of New Jersey (ACCNJ), in partnership with Otteau Valuation Group, released the latest MarketCAST report for Q4 2024, providing a comprehensive analysis of New Jersey’s construction landscape. The report uncovers key insights into the industry, including a 6% increase in total construction spending in New Jersey in 2024 and forecasted spending hitting record high levels over the next few years.
New Jersey’s construction industry far exceeds national averages, showcasing resilience and growth throughout the past year. While the national average saw a 19% decline in construction starts, New Jersey experienced a 33% increase, underscoring the state’s robust construction sector.
Most sectors have experienced increases in spending, but among the highest starts were industrial projects, which comprised nearly $660 million in starts over the past year. The increase amounts to 312%, year over year, due in large part to high dollar volume projects in Salem and Middlesex Counties.
Data shows these increases are driven by the combined effects of loosening capital markets, accelerating capital deployment, increasing infrastructure spending, and anticipated changes to tax codes that favor the building industry.
“The Associated Construction Contractors of New Jersey is proud to be part of an industry so integral to our state’s economic growth,” said Jack Kocsis, Jr., Chief Executive Officer, ACCNJ. “Union construction plays a vital role in shaping New Jersey’s infrastructure and creating safe, high-paying jobs. Our skilled workforce and commitment to quality ensures the construction industry remains a cornerstone of the state’s economic success.”
By the end of 2024, total industry spending in New Jersey surged to $14 billion, with projections indicating continued growth in the years ahead. Looking ahead, New Jersey’s pipeline of future construction projects remains strong, with $101.7 billion in planned spending for projects exceeding $50 million in spending. This reflects a 12% increase compared to the $90.6 billion planned at the end of 2023.
ACCNJ represents general building contractors, construction managers, and heavy, highway, site development and utility contractors in New Jersey that employ tens of thousands of skilled union craftworkers each year. Members are responsible for billions of dollars in commercial, industrial, heavy, highway, utility, and institutional construction projects annually. The Association is committed to raising the standards of construction in New Jersey through quality, integrity, skill, and responsibility. To learn more please visit: accnj.org.
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