Construction spending, employment up

Construction spending hit a record $31.8 billion in 2008, according to a report released today by the New York Building Congress. That amount was up from $30.5 billion in 2007 and $26.6 billion in 2006. Public sector construction totaled $15 billion, a slight drop from $15.6 billion in 2007. Office, institutional and sports and entertainment construction made up $10.9 billion of the 2008 total. About $5.9 billion was spent on residential construction in 2008, down from $6.1 billion in 2007. Construction employment increased to 129,900 from 127,000 in 2007. But this year does not look as promising. “Most signs are pointing down for the current year,” said Richard Anderson, president of the organization. TRD