Message from the AFL-CIO President*

Since 1988, the AFL-CIO Building Investment Trust (“BIT” or the “Fund”) has been guided by its primary objective to generate competitive risk-adjusted returns by investing in commercial real estate investments, while supporting its collateral objective of creating union jobs through its labor policies.

The BIT’s investments have helped to generate more 
than 78 million union construction hours since the Fund’s inception. I am pleased to know that this type of union job creation is intended to continue throughout 2018. As the only commercial real estate fund licensed to use the AFL-CIO name, the BIT continues to set a positive example within its industry by promoting labor relations at the properties held in its portfolio.

As the year begins, the BIT’s portfolio includes six projects under construction with combined total development costs of nearly $1 billion. These construction projects alone are expected to generate over 8.6 million hours of union labor for the skilled women and men of the building trades. In addition to construction, BIT investments also help to create ongoing union jobs thanks to the BIT’s labor policies. Workers represented by more than 178 local unions work to service and maintain the properties in the portfolio.

Investors from unions representing a diversity of trades have recognized the tremendous potential an investment vehicle like the BIT may bring to communities nationwide. The BIT received new investment from 10 union-affiliated plans in 2017, and an additional 8 union-affiliated plans added to their existing investment. Investors realize that BIT investments may help to spur economic development in neighborhoods just like theirs.

Investment by the BIT in real estate projects helps to create construction and related jobs in America, which in turn helps to build a stronger economy. With its solid record of helping to produce collateral benefits such as union job creation, I would encourage all union leaders, pension trustees, financial consultants, and qualified institutional investors to consider the BIT.

With more investment, the BIT can continue to grow its portfolio and expand its positive impact.

In solidarity,
Richard L. Trumka, President, AFL-CIO

 * PNC Bank, National Association (PNC Bank) is the trustee for the BIT. PNC Bank licenses from the AFL-CIO the use of the name “AFL-CIO” in connection with the fund’s name and its activities. Opinions or statements herein by third parties are not representations, warranties, or opinions of PNC Bank. The inclusion or listing of these third parties also should not be considered an endorsement by these third parties.

Adobe Flash Player Required

Get Adobe Flash player

BIT News

Worker Appreciation Luncheon Held at The National Apartments in Old City Over 100 union tradespeople were honored at a worker appreciation luncheon hosted by the AFL-CIO Building Investment Trust ("BIT"), the Philadelphia Council AFL-CIO, and the Philadelphia Building & Construction Trades Council.
Construction Moves Above Ground in the Windy City Celebrate the 30th Anniversary of the BIT by viewing the BIT's latest joint venture project along the Chicago River, Wolf Point East
Recent Transactions Take a moment to look at some recent transactions of the BIT. As with all investments by the BIT, new acquisitions have to adhere to the BIT's union labor policies, which can help stimulate union job creation and economic growth in communities across America.