NYC construction spending to top $31.5B in 2013

TRD New York /
Oct.October 17, 2013 06:06 PM

Construction spending soared in the boom days of 2007, but those numbers are peanuts compared to what we’re on track to see this year.

Construction spending in New York City is on track to reach $31.5 billion in 2013, a 14 percent jump from last year’s $27.6 billion and topping 2007’s high of $31.1 billion, according to a forecast from the New York Building Congress, cited by the New York Observer.

And that number is expected to continue growing, hitting $33.4 billion in 2014 and $37 billion in 2015, said the report, completed along with the New York Building Foundation and with help from Urbanomics.

“New York City is once again demonstrating its remarkable resiliency,” Richard Anderson, president of the Building Congress, said in a statement cited by the Observer. “Just five years after the worst downturn since the Great Depression, the city’s construction industry finds itself on the brink of yet another building boom.”

The numbers are buoyed by rebounding residential spending and new non-residential construction at the World Trade Center and Hudson Yards.

Government spending, meanwhile, is expected to increase this year from $13.4 billion to $13.7 billion in 2013, but to slow in the long term. [NYO]Julie Strickland


Related Articles

arrow_forward_ios
New York Building Congress President & CEO Carlo Scissura (Credit: Getty Images, iStock)

Construction spending expected to hit nearly $190B between 2019 to 2021: report

City on track to meet mayor’s affordable housing goals: NYBC report

City on track to meet mayor’s affordable housing goals: NYBC report

Average construction costs jumped nationally year-over-year

Average construction costs jumped nationally year-over-year

Developers are bracing themselves for the burn of Trump’s metal tariffs

Developers are bracing themselves for the burn of Trump’s metal tariffs

Construction starts picked up in 2017, thanks to large institutional and public works projects

Construction starts picked up in 2017, thanks to large institutional and public works projects

Here’s a look at some of NYC’s biggest commercial projects in the pipeline

Here’s a look at some of NYC’s biggest commercial projects in the pipeline

Building Congress president just paid $2.2M for this Bay Ridge home

Building Congress president just paid $2.2M for this Bay Ridge home

Real estate CEOs to lobby Trump on Gateway tunnel

Real estate CEOs to lobby Trump on Gateway tunnel

arrow_forward_ios