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Pinsky Stays Upbeat Despite Construction Slump

NEW YORK CITY-At a Building Congress breakfast forecasting the construction outlook, the NYCEDC president urged the industry to look ahead.

By Cody Lyon | Updated on October 21, 2009

NEW YORK CITY-Citing a new Construction Outlook report for 2009-2011, New York Building Congress president Richard Anderson said Wednesday that overall construction spending in New York City was expected to drop by 20% in 2009. However, he did say the situation appears to be stabilizing, and the city could get through the current downturn without further deterioration in annual spending. Also taking the podium later that morning was the current president of the New York City Economic Development Corp., Seth Pinsky, who was upbeat despite the slump.

“This is still a strong construction market, this is not a market that’s collapsing,” Anderson told the audience. Still, he said, “the coming year is going to be challenging.” With the help of widescreen projected charts, graphs and bullet points, Anderson offered up details of the forecast Wednesday at the Building Congress’ breakfast event at the Hilton New York.

The report shows that spending on city construction will probably reach around $25.8 billion in ’09, a 20% decline from the all-time high of $32.4 billion the year prior. It says over the next few years, spending will probably remain steady, reaching $25 billion in 2010 and $25.6 billion in 2011, adding up to a three-year total of $76.4 billion.

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