Governor Cuomo Announces $150 Billion Infrastructure Investment Over The Next Five Years
Albany, NY - June 15, 2018 - Governor Andrew M. Cuomo today announced a $150 billion infrastructure plan for the next five years. This historic investment in New York's capital assets builds on the Governor's existing $100 billion infrastructure initiative. Beginning in FY 2020, these capital projects will rebuild transportation and mass transit systems, construct safe and secure affordable housing, drive economic and community development, build new and better school buildings for 21st century learning, create new environmental and park facilities, support our sustainable energy future, and generate 675,000 new jobs and expand opportunity for all New Yorkers.
"After a half century of neglect and inaction, New York is once again building for the future, and our infrastructure investments are already creating hundreds of thousands of jobs," Governor Cuomo said. "This record commitment to infrastructure, which builds on our already thriving $100 billion program, will drive our momentum forward and demonstrates yet again that with vision and ambition, New York is setting an example for the rest of the nation to follow."
As with the existing $100 billion infrastructure program, the new $150 billion plan will be funded by a combination of state, federal, local government, public authority, and private investment. State debt will remain at affordable levels and within the statutory debt limit. Responsible management of the State's debt portfolio has been a hallmark of this administration and, today, the state has less debt than when the Governor took office.
New Yorkers are already benefiting from the capital assets funded through the current $100 billion infrastructure plan, from the Mario Cuomo Bridge, to the 2nd Avenue Subway, to downtown revitalizations and water infrastructure projects all across the state. These projects are supporting the creation of approximately 450,000 jobs and contribute New York's all-time high job count. Since the beginning of Governor Cuomo's administration, New York State's economy has experienced employment growth in 76 of the past 88 months.
The new $150 billion infrastructure plan will support the creation of 675,000 jobs, and the sweeping investments in infrastructure initiatives across the state include:
$66 billion for transportation, including mass transit, railroads, airports, highways, and bridges and tunnels across the state to create the infrastructure system that will support economic growth through the 21st century.
- JFK Access - Van Wyck Expressway Phases 2 & 3
- Hunts Point/Bruckner Phases 2 & 3
- Reimagine Route I-81 in Syracuse
- Port Authority Bus Terminal
- George Washington Bridge Bus Station
- Brooklyn Marine and Red Hook Terminals
- Replacement decking for the Newburgh-Beacon Bridge
- Major upgrades to the subway system and MTA capital assets
$32 billion for improving environmental facilities, rebuilding our parks, and creating a cleaner, greener energy future.
- NYSERDA Green Bank Investments
- Clean Energy Standard Renewable Energy Credits
- NY-Sun Program
- Environmental Protection Fund
- EFC Clean Water State Revolving Fund
- State Superfund
- Parks, Recreation & Historic Preservation
$11 billion for economic and community development to support regional strategies, attract private sector investment and create jobs.
- Regional Economic Development Council awards
- State partnerships in high tech capital investments
$9 billion to further the state's investment in the construction of quality, safe, secure and affordable housing for the people of New York
$19 billion to help school districts build new and better school buildings - creating learning spaces of the 21st century
$13 billion to improve and maintain SUNY and CUNY buildings, the state's health care facilities and other capital assets
The current $100 billion infrastructure plan supports the creation of approximately 450,000 jobs and includes:
- MTA Capital Plan
- Roads and Bridges
- Kosciuszko Bridge
- Goethals Bridge
- Reimagining John F. Kennedy Airport
- LaGuardia Airport
- LaGuardia AirTrain
- Syracuse International Airport
- Elmira-Corning Airport
- Plattsburgh International Airport
- Ithaca Airport
- Housing Plan Capital
- Upstate Revitalization Initiative
- MTA Bridges and Tunnels Plan
- Hospital Capital
- Governor Mario M. Cuomo Bridge
- Woodbury Transit Hub
- Clean Water Infrastructure
- Buffalo Children's Hospital
- LIRR Transformation
- Penn-Farley
- Javits Center Expansion
- BroadbandParks
- Capital Program
- Staten Island Seawall
- Schenectady Train Station
- Niagara Falls Train Station
- Rochester Train Station
- Kew Gardens Interchange
- Willets Point Station Complex
- Life Sciences Capital Investment
- Downtown Revitalization