Despite the office slump, the New York City construction industry is on the upswing because of more government spending, post-Sandy repairs and an infusion of cash for the Metropolitan Transportation Authority, GlobeSt.com reported.
While the New York Building Congress initially predicted that the city’s capital spending would total $8.7 billion through next year, it now projects that figure to be closer to $9 billion. Sandy repairs also have created $2 billion to $3 billion in temporary construction work. That spending will be more enough to even out the dip the in the office sector, said Richard Anderson, president of the Building Congress. [more]