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NYC Construction To Top $21B in '07

NEW YORK CITY-But massive builds come with massive responsibility, as Daniel Doctorff warned yesterday. Cost increases aren't due solely to the price of steel.

By Jesse Serwer | Updated on October 03, 2006

Jesse Server is managing editor of Real Estate New York .

NEW YORK CITY-Despite escalating costs, construction in the city shows no signs of slowing down, Daniel Doctoroff, New York City Deputy Mayor for economic development, told attendees at a construction industry forum here Tuesday. The event, held at the Hilton New York, revealed the findings of the New York Building Congress’ New York City Construction Outlook for 2006-2008.

According to the report, an annually released forecast based on analysis of capital budgets, private-sector development plans and other indicators, total construction spending in the city will top $20 billion for the first time in 2006, and exceed $21 billion in 2007 and 2008.

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