|Economic & Fiscal Impacts, July 2014 Video||Projects Financed|
When the Obama Administration took office in 2009, union leaders were called to the White House to help forge an economic recovery plan. With support from AFL-CIO leadership, the AFL-CIO Housing Investment Trust responded to this challenge with its Construction Jobs Initiative – a plan to generate 10,000 union construction jobs through the investment of union pension capital. After achieving that job-creation goal in less than two years, the HIT raised its target to 15,000 union construction jobs – a number it reached in October 2012, through financing provided by the HIT and its subsidiary, Building America CDE.*
At the urging of its Board of Trustees, the HIT is now working toward a new goal of creating 25,000 union construction jobs by year-end 2015. To date, this initiative has helped make possible 67 projects in 31 cities across the country, generating 20,272 jobs and creating or preserving 21,476 housing units. HIT investments of nearly $1.7 billion together with $77 million of New Markets Tax Credits from Building America have launched over $3.75 billion of development through this initiative.
Click here for a video documenting the success of the Construction Jobs Initiative in creating jobs and revitalizing communities. An earlier video, here, describes the initiative’s launch and the creation of its first 10,000 jobs.
Construction was hit harder by the recession and lost more jobs than any other industry. Yet construction offers a vital opportunity to turn the economy around. For every job created for construction workers on a building site, additional jobs will be generated for architects, engineers, bankers, materials suppliers, shippers, and others who provide goods and services. Because of this multiplier effect, these HIT-financed construction projects have helped produce more than 30,000 jobs to date in construction and other sectors of the economy.
Union pension funds invested in the HIT are supporting this commitment to be part of the solution to the nation’s economic problems and the unacceptably high unemployment rate. We urge all who are stewards of union pension capital to join with us in this critical initiative.
* An estimated 2,900 of these jobs were generated by the HIT’s subsidiary, Building America.