USD/BTC = $91,394 Block 926,870 TL:DR

New York City officials this week said the city has established two project labor agreements (PLA) with the Building & Construction Trades Council of Greater New York and Vicinity (BCTC) for more than $7 billion of capital projects.

New York City Mayor Eric Adams and New York City Office of Talent and Workforce Development (NYC Talent) Executive Director Doug Lipari` said the agreements include what the fair wages will be for those working on the covered projects, establish union benefits, outline safety protections ‘ and "connect more underserved New Yorkers to quality union careers and apprenticeship opportunities through community hiring requirements."

The uniform work rules in the PLAs, officials said, will help the city complete the capital projects included in the agreements "more effectively and efficiently."

The new construction, renovation and rehabilitation of city-owned buildings and structures covered in the PLAs include recreation centers, solar photovoltaic systems for public schools, improvements to water treatment facilities and renovations at libraries.

"Under our administration, we haven't just talked about creating opportunities, we've put our money where our mouth is and invested real dollars in real projects and delivered the good-paying jobs New Yorkers need," Mayor Adams said.

"If the city is going to build a new library or recreation center, we want to make sure those jobs pay well during the day and get workers home safe at night," Mayor Adams said. "With more than $7 billion labor agreements, we'll do both — all while hiring from the local community and completing critical projects faster. That's a win for everyone involved."

The city also has a new memorandum of understanding with the BCTC and the Building Trade Employers' Association of New York City (BTEA) that will see the three work to fill 700 pre-apprenticeship positions from the NYCHA housing and low-income communities, officials said. These positions will provide skills training and an opportunity to enter unionized apprenticeship programs.

"In order for capital projects to reach their true economic potential, it is critical that they generate family-sustaining careers for hardworking New Yorkers," said Gary LaBarbera, president, Building and Construction Trades Council of Greater New York.

"PLAs like the ones signed help them to do just that and more by establishing fair wages, safety standards, and community hiring initiatives that boost apprenticeship opportunities and open up more pathways to the middle class," LaBarbera said.

Eric Adams scores this political win but Project Labor Agreements(PLA) can be disastrous for a project. It can cause the project construction budget to rise significantly and the labor quality is either the same or worse. And 76k BTC of work might not go as far and have substandard results.