Builders, unions approach deal

Construction unions and builders are inching toward an agreement that they say will lower labor costs and enable some projects in the city to move forward, despite the weak economy. Some construction managers and union officials involved in the negotiations said the pending agreement would cut labor costs by 15 to 20 percent, but not the 25 percent builders originally wanted. Some developers fear the agreement won’t translate into substantial savings. “A lot of my developers are concerned that it doesn’t go far enough,” said Steven Spinola, president of the Real Estate Board of New York. “But we’re grateful discussions are taking place.”