New York to invest US$306 billion in infrastructure

Andrew Cuomo, the governor of New York state, has said that New York would spend $306 billion on infrastructure to help revive the state’s economy and, “lift the spirits” of the population – both of which have been badly hit by the Covid-19 pandemic.

In his ‘state of the state’ address Governor Cuomo announced plans that includes a US$51 billion plan to redevelop Manhattan’s Midtown West neighbourhood, including the replacement of the Port Authority bus terminal, a famous landmark in the city.

In his address he said that, “History teaches us that when the private economy is lagging the public sector can spur activity. That when unemployment is high, the public sector can create jobs. That only the public sector can build the common economic platform for growth. Across the state, we’re now building bigger and better, and laying the foundation for our future. Not even Covid stopped us.

“We used the period of reduced traffic to accelerate projects throughout the state. Altogether we are expanding our infrastructure plan to invest $306 billion in the future of New York. That’s not just the largest infrastructure plan in New York history. It’s the largest, most ambitious plan put forward by any state in the nation.”

The state’s airports, railways and roads will receive considerable investment, with US$16 billion to be spent on a renewal and expansion of Penn Station to add 40% more train capacity. The state will continue with its US$8 billion refurbishment of LaGuardia Airport and on the US$13billion refurb of JFK Airport.

For the full list of projects announced click here.