A robust, efficiently managed capital investment program can support healthy economic growth, while the deterioration of capital assets can weaken the State’s economy and its ability to attract and retain business. Capital assets include not only highways and bridges, but also facilities for education, government, health, housing, environmental conservation and recreation.

Capital Spending Has Increased Over the Past Five Years*

• From SFY 2017-18 to SFY 2021-22, capital spending increased by $4.1 billion (38.2 percent). Spending increases within major categories included:
  • Transportation, up by approximately $3 billion (56.5 percent). Transportation accounted for 56 percent of all capital projects spending in SFY 2021-22, up from 49.4 percent five years earlier. The increase is largely related to spending for the Metropolitan Transportation Authority.
  • Housing, up by $252.9 million (78.5 percent). This category’s share of total capital spending increased from 3 percent to 3.9 percent.
  • Mental Health, Health and Social Welfare purposes, up $508.7 million (64.1 percent).
  • All other purposes, decreased by $263.1 million (15.1 percent), partially offsetting the above increases.

• Over the past 20 years, the State has financed an average of 39.5 percent of non-federal capital spending on a pay-as-you-go basis when including off-budget spending.
• Over the next five years, the Division of the Budget projects:
  • Capital spending to average $18.6 billion per year; and
  • The share of non-federal capital spending financed on a pay-as-you-go basis to average 33 percent.

At the end of SFY 2021-22, the State reported $112.2 billion in capital assets, an increase of $1.2 billion (1.1 percent) from the prior year.

* Actual spending figures in this section do not include off-budget spending by public authorities funded directly from State-supported bond proceeds, while figures for the Division of the Budget’s projections include such spending.