Construction Spending To Reach $83B by 2010

NEW YORK CITY-In a continuation of a remarkable trend of accelerating growth in building activity, total construction spending in New York City by businesses, government and institutions is expected to reach $26.2 billion in 2007, according to a “New York City Construction Outlook 2007-2009″, an annual forecast and analysis prepared by the New York Building Congress. While overall construction spending reached a record $24.6 billion in 2006, the Building Congress forecasts spending of $26.2 billion in 2007, $27.5 billion in 2008, and $29 billion in 2009, for a three-year forecast of $83 billion. If realized, this would represent an 18% increase in annual spending over the three-year period.

“The ongoing building activity in the five boroughs of New York City is the result of an industry in which every sector is booming,” notes Building Congress chairman Dominick Servedio, who serves as chairman and CEO of STV Inc., in a statement. “Office construction is white hot. New York’s continued strength in the housing market continues to defy the national trend. All levels of government are undertaking major, multi-year investments in infrastructure improvements, and bedrock institutions, including universities and cultural institutions, are continuing to expand.”