New York Building Congress predicts uptick in construction through 2013
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.
“If these trends continue, and office picks up, over the next few years we could be in a rather strong situation,” he said. “Maybe not as much as five or six years ago but we’ll be still fairly strong. Actually, we’re already fairly strong, and things could get even better. So we’re optimistic.”
Nearly every sector other than office has been growing,Anderson said.
“Job growth has been in hotels, universities, hospitals, retail and the like,” he said. “Traditional office work is just not growing.” [GlobeSt.com] – Katherine Clarke