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Construction Pay Cuts: Helpful?

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"Contractors are negotiating with their unions in an effort to lower labor costs by up to 25% as a way to help to revive the city’s ever weakening construction industry. There are roughly $4 billion to $5 billion worth of projects in New York that have either been stalled or haven’t started because of difficulties in obtaining financing, according to Louis Coletti, Chief Executive of the Building Trades Employers' Association, which represents the contractors. The hope is that lower labor costs will bring down the total construction cost enough to make financing easier to obtain when banks begin lending again." [Crain's]