Building Industry Accounts for $61B of City Revenue

NEW YORK CITY-The building industry here is accountable for $60.8 billion in annual revenue according to a report by the New York Building Congress. The survey, entitled Bedrock of the Economy: The New York City Building Industry, also found the industry employs more than 275,000 people, who is getting younger and more often residing in the five boroughs.

“The purpose of the report is to highlight the economic strength and changes underway in the overall NYC building industry. We found the industry as a whole comprises literally 25% of the city’s economy,” says Richard Anderson, president of the New York Building Congress.

New York City comptroller William Thompson, says in a statement that the study shows how essential this sector is to the life of the city. “The industry creates jobs, stimulates our economy and provides the infrastructure that is the backbone of New York. It is clear that construction community has been at the forefront of making New York the great city that it is. Behind every building, every bridge and every structure are countless hours of labor coupled with great creativity.”