The concessions will save the city $300 million in the next four years, money that officials will use to fund other projects. The four labor agreements involve $5.3 billion in public projects and 32,000 construction jobs.
The concessions are expected to create an additional 1,800 construction positions and were negotiated between the city and the Building and Construction Trades Council. The new terms include an eight-hour day and changes to overtime pay.
"At a time when the public and private sectors throughout the country are struggling to figure out how to move forward with long-term investments, New York City is leading the way," Mayor Michael Bloomberg said.
The announcement comes after a recent study shows that construction spending is expected to be down 20 percent in the city. The estimate comes from the New York Building Congress, which also noted that construction employment could drop 8.3 percent during the year. Overall, construction spending is expected to reach $25.8 billion in 2009.
