Action on Climate Change Boosts NY Construction
New York State has experienced much warmer temperatures over the past thirty to forty years, and the sea level along New York’s coast has increased about 12 inches over the past 100 years. Though past trends do not necessarily predict future trends, New York officials are indicating with their investments that a real threat exists.
The threat of rising sea levels has stimulated construction and infrastructure investment across the world, but nowhere has that investment been greater than in New York. A recent article in the Wall Street Journal cited a University College of London study that found New York City outspends all other megacities in countermeasures to rising sea levels, with $2.2 billion alone in the last year.
The predicted challenges of climate change would affect many sectors including water, energy, communication, and transportation—and this means that New York construction firms, contractors, and subcontractors would be a key part of the solution.
Infrastructure Challenges and Construction Opportunities in New York
The Responding to Climate Change in New York State report (ClimAID) published in 2014 identifies numerous transportation, water, and architectural challenges that could impact New York. It also identifies solutions to these challenges—and all of them suggest a significant increase in construction investment in the coming years.
• Increased strain on road surface materials
• Stress on electricity grid
• Delays in railroad schedules
• Sagging of large bridges
• Decreased clearance on waterway bridges
• Traffic and public transportation delays
• Reduced building lifespan
• Increased impact of ships and barges
• Convert water managers to handle large variability
• Install more pumps, water tanks, and filters for water supply systems
• Install leak detection systems, low-flow devices, and rainwater harvesting systems
• Upgrade combined sewer and stormwater systems
• Relocate aging infrastructure out of flood-prone areas and construct levees and berms
• Replace old transformers and wiring with heat-resistant models
• Increase seat length of expansion joints on bridges and lengthen airport runways
• Increase capacity of drainage systems and culverts
• Invest in permeable road surfaces and regrade slopes to direct runoff away from roads and tunnels
• Move communication cables underground
What Does it Mean for You?
New York is directing around $20 billion of local, state and federal funding to complete numerous long-term construction projects designed to mitigate the effects of climate change. Half of that money will go to coastal protection and urban drainage projects, which means huge opportunities are on the horizon for general contractors and subcontractors.
Single Invoice Factoring for Qualified Subcontractors
For qualified subcontractors, Capstone provides single invoice factoring for work performed under contract with a creditworthy general contractor. Capstone has highly experienced construction professionals on staff to facilitate the purchase of construction-related accounts receivable. For more information, read our blog, visit Capstone Credit Group homepage, or contact us today.