Updated report finds the New York State Environmental Bond Act would support 84,000 jobs and $8.7 billion in project spending under new funding proposal

NEW YORK (Feb. 11, 2022) — AECOM, the world’s trusted infrastructure consulting firm, and Rebuild by Design, a leading advocate for resilient infrastructure, today released a newly updated report, Economic Impacts of the New York State Environmental Bond Act, which analyzed the long-term economic benefits of investing $4 billion in projects that would protect clean water, reduce pollution, conserve habitat and family farms, and reduce local climate risks. The report builds on previous research, with new updates to reflect the additional $1 billion in funding proposed by Governor Kathy Hochul this year. If enacted, the 2022 Clean Water, Clean Air, Green Jobs Bond Act would be the largest bond measure in New York history and provide life-changing investments for New York’s communities and natural resources. 

Based on economic impact analysis, the report found that the Environmental Bond Act could: 

  • Support 84,000 jobs in New York 
  • Result in an estimated $8.7 billion in project spending, broken into the following categories:  
  • An estimated $4.1 billion to protect and repair natural areas to reduce harmful flooding, supporting 38,700 jobs in New York 
  • An estimated $1.9 billion for clean water projects, supporting 20,800 jobs in New York 
  • An estimated $1.7 billion to mitigate climate change, supporting 18,100 jobs in New York 
  • An estimated $1.1 billion to preserve open space, supporting 6,300 jobs in New York 

“We analyzed the economic impacts of the updated proposal and our findings remain clear – the Bond Act would be a useful stimulus, with the potential to support thousands of jobs in numerous sectors while spurring long-term economic growth and protecting New York’s environment for future generations,” said Anne deBoer, Manager of Sustainable Economics at AECOM. “Voters have an opportunity this year to make investments in protecting the environment that will simultaneously benefit the economy.” 

“Communities in New York State are already suffering from climate change. Recent disasters from Hurricane Ida to last summer’s severe heat waves, as well as the COVID-19 pandemic, have revealed the stark reality that these events disproportionately hurt the most vulnerable populations,” said Amy Chester, Managing Director of Rebuild by Design. “We need to pass the Bond Act and give communities the resources they need to build infrastructure that will address climate change and put New York on a path to recovery.”