Construction will peak this year, then fall
October 14, 2008 11:30AM
Construction
spending in New York City will set a record of $33.8 billion this year,
before declining through 2010, according to the New York Building
Congress. The trade organization predicts spending will fall
to $33.4 billion next year and $26.2
billion in 2010 because of the credit crunch and government budget
cuts. The
number of people employed in construction could fall 23 percent to
100,250 from
130,100 this year, the group said.
[Bloomberg]
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