NYC construction data show rocky 2009

Overall construction spending in New York City hit $26.7 billion in 2009, down 8 percent from the amount spent a year earlier, according to a report released today by the New York Building Congress. Construction employment also dropped between 2008 and 2009, declining 8.4 percent to 120,400 jobs. Residential construction spending reflected the greatest drop in year-over-year activity, dipping to a total of $2.5 billion spent, down from $6.3 billion the year before. Commercial construction spending totaled $8.7 billion, up from $7.4 billion in 2008. Public sector construction spending stayed relatively flat at $15.5 billion. Despite 2009’s rocky market performance, the Building Congress’ “Decade in Review” showed overall growth in the construction industry over the last 10 years. The decade began with annual construction spending around $14 billion, according to the report, around half the annual construction spending today. TRD