Despite unemployment rates in some trades that approach 30%, construction executives see heady times ahead thanks to a significant amount of investment earmarked for commercial and infrastructure projects in the city.
Construction executives, convened for the Greater Philadelphia Chamber of Commerce's “Region on the Rise: Construction Investment in Greater Philadelphia" event held at the Radisson Plaza-Warwick Hotel on Thursday, shared their bullish forecasts for the city’s building industry.
Among some of the major projects discussed at the event included the $500 million to repair and replace area roads and bridges by the state of Pennsylvania. Roundtable panelist John Gattuso, senior vice president and regional director of Liberty Property Trust, detailed the $1.6-billion skyscraper Liberty is building with in partnership with Comcast Corp. in Center City. The project will yield 6,300 jobs during construction, according to The Inquirer.
"That's an enormous vote of capital in the city of Philadelphia," Gattuso said. Other projects mentioned at the event were the $341-million project to build a 47-story skyscraper at 30th and Walnut Streets for FMC Corp. and the $280-million W Hotel on Chestnut Street, as well as other projects in the pipeline on East Market Street.
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