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NYBC: Construction Was Strong in '08

NEW YORK CITY-New York Building Congress' Richard Anderson warns that residential permits and construction employment are both down this year.

By Cody Lyon | Updated on June 10, 2009

NEW YORK CITY-Overall construction spending in New York City reached a record $31.8 billion in the year ending Dec. 31, 2008 according to analysis released Tuesday by the New York Building Congress. Employment in the sector followed the money, reaching 129,900, up from 127,000 the year prior, the fourth consecutive year of industry growth, the NYBC reported.

The report says that at $15 billion, public sector projects, which include expenditures by the city, state and federal governments as well as agencies like the Port Authority of New York and New Jersey and the Metropolitan Transportation Authority, accounted for around half all construction spending last year. On the private side, non-residential construction spending–including office, institutional, sports and entertainment venues–hit $10.9 billion, up from $8.9 billion in 2007, while residential declined to $5.9 billion from $6.1 billion in ’07.

NYBC president Richard Anderson tells GlobeSt.com the congress issued the report because, “we wanted to show what the benchmark was,” and that “2008 was a very solid year.”

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