Experts: public works key to job growth.

The construction and real estate industries face a unique economic recovery that may not last without job growth, said speakers at a seminar hosted by LePatner & Associates last week.

Public spending on construction is what's needed to create job growth, but with a federal budget deficit of $530 billion and the state and local governments also cutting back that may be hard to accomplish, according to panelist Richard T. Anderson, president of New York Building Congress.

"I think public infrastructure is the best investment we can make," said Anderson. "Not only does it create jobs now, but it paves the way for the growth of the rest of the economy."

The seminar entitled "Riding the Wave of a Rebounding Economy: Secrets of Expert Advisors," was held at the University Club and presented by Barry LePatner, founding partner of LePatner & Associates.

During the strong economy of the 1990s, the United States saw new jobs increase by 23 million--at a rate that regularly increased by 300,000 new jobs a month. Today's job growth is 21,000 a month--a loss of 2.3 million jobs in the past three years, LePatner said.

"As economists and politicians have come to learn, the past few years have confronted us with a fascinating one-of-a-kind national economy," said LePatner. "As we now move beyond the recent recession, many corporations, investors and real estate developers are awash in cash waiting for new opportunities to arise; yet, it is the consumer that is keeping our economy afloat." The consumer has accounted for more than two-thirds of all spending in this country, he said. Consumer spending, however, cannot continue without employment growth, said featured speaker Dr. Irwin Kellner, Chair of Economics at Hofstra University and Chief Economist for CBS MarketWatch

"You can't run an economy without workers," Kellner said. "Unless job creation picks up soon, the debts people have taken on that have been used in lieu of income to spend and support the economy will soon come back to haunt them.

"And this economic recovery's days could very will be numbered."

Kellner pointed out what is needed right now--and is in strong demand--is office space, hospitals, doctor offices, assisted living, gated communities, educational faculties, tech centers, bank branches, back office redundancies for financials, and high end retail.

In the future, LePatner sees the coastline as ripe for development.

"Without doubt, the most valuable and underdeveloped arena in the New York metropolitan area is our City and regional planners of yore badly missed the mark when they dedicated waterfronts throughout Manhattan, Brooklyn, Queens and New Jersey with myriad roadways and railroad track," he said.

"Fortunately, today the recognition of these under-resourced areas is being seen for what it is: the opportunity to recapture a prize for our region that will make the metropolitan area even more attractive and financially sound in the decades to come."

He cited three projects that are currently being developed or soon to be developed: a $400 million development of the Silvercup Studios property in Long Island City; the Jersey City rejuvenation led by Goldman Sachs' new tower; and the New York City Economic Development Corporation's recent retention of two architectural firms, Richard Rogers Partners and SHOP, to prepare concept studies for the redevelopment of the East River shore front from the Battery to 14th Street.