JP Morgan Chase Chooses Unions
The new building is hailed as a “global model for the next generation of office buildings.”
In a city where real estate development stakes couldn’t be higher, JP Morgan Chase's decision to construct their new Global Headquarters using all-union labor speaks volumes. It's a bold statement that aligns with the bank's centuries long reputation for astute business decisions. The message is clear: employing unionized construction labor is not just an ethical choice; it's the epitome of smart business.
The new building at 270 Park is being hailed as a “a global model for the next generation of office buildings.” It will stand out as the city's tallest all-electric building, creating net-zero operational emissions, a feat made possible by union expertise in sustainable materials, energy-efficient systems, and green training programs. All in all, the project will be built with labor across 40 different local unions.
Let’s dive into a few of the reasons that one of the biggest names in business is choosing to go union-built for their new headquarters.
Safety: An Investment in Efficiency
Union construction sites are renowned for their safety standards and training. This translates into fewer accidents, which means less downtime and reduced financial losses due to work stoppages or legal complications. While the safety of workers is paramount, investing in safety is also a proactive approach to protect the bottom line.
Quality and Expertise: Non-negotiable in Construction
Union workers bring the highest level of expertise honed through rigorous apprenticeship programs. Non-union labor cannot say the same. This investment in high-caliber skills results in superior quality construction, ensuring a lasting and profitable investment.
It will stand out as the city's tallest all-electric building, creating net-zero operational emissions, a feat made possible by union expertise in sustainable materials, energy-efficient systems, and green training programs.
Legal Clarity and Stability
Union contracts offer clarity on employment terms, reducing the risk of misunderstandings or legal disputes. This ensures continuity and stability in project timelines.
As a recent Cornell study uncovered, union shops have a distinct advantage on quality and cost due to their access to apprenticeship labor. Unions can add up to 40% of their labor force as apprentices, which cost significantly less than seasoned journeymen. This is a powerful lever unions can pull to reduce costs for a builder.
Mark Colangelo is a writer and blogger.
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