NYC construction spending down by 23 percent since 2008

Spending on new construction in New York City has dropped by 23 percent since 2008, and meanwhile, 16,000 industry jobs have been shed, according to a new report and forecast from the New York Building Congress. This year, spending is projected to reach $23.7 billion, a 12 percent drop from 2009, though annual spending is projected to begin an upward trend in the future, rising to $25.8 billion by 2011 and $28.2 billion in 2012, the report says. Still, much of that increase is dependent on the Metropolitan Transportation Authority’s projects, for which it still needs to secure funding. Government spending is expected to total $14.7 billion this year, down from $15.7 billion last year but still accounting for 62 percent of all New York City construction funds — the highest proportion of government spending since 1996. Spending on the World Trade Center site is expected to account for 25 percent of the $23.8 billion worth of non-residential construction sector spending projected between 2010 and 2012. TRD