NYC Construction Spending Reaching Record Levels According to NYBC Report
A new report issued by the New York Building Congress (NYBC) in October projects that New York City construction spending will reach a record level of $43.1 billion in 2016. The Report (New York City Construction Outlook 2016-2018) notes that this will be the first time annual NYC construction spending has ever passed the $40 billion mark. The 2016 level represents a 26 percent increase from 2015 (when construction pending was $34.3 billion).
The NYBC report also predicts that the NYC construction boom will continue through the next two years, with construction spending projected to be $42.1 billion in 2017 and $42.3 billion in 2018. For more info, visit: www.buildingcongress.com
More statistics & highlights from the Report:
- The current building boom appears to be driven more by private sector development and increased demand for new residential buildings and office space.
- NYC Construction employment has increased for 5 straight years, with more than 147,100 jobs in NYC construction sector.
- Total government spending on public works (mass transit, roads, bridges, etc) is projected to reach $12.7 billion in 2016 (a 56% increase from 2015).
- NYC Government is projected to spend $6.7 billion on infrastructure projects (nearly double the 2015 level).
- The Metropolitan Transit Authority (MTA) is project to spend $3.9 billion on construction projects in 2016 and $5.1 billion in 2017.
For more information, Contact Beacon Consulting Group, Inc.
