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Public Sector Brightens Construction Outlook

NEW YORK CITY-Infrastructure and non-residential projects trend upward, helping offset a steep drop in residential construction, says the Building Congress.

By Paul Bubny | Updated on May 31, 2010

NEW YORK CITY-A bump in infrastructure- and nonresidential-related construction spending helped offset a nosedive in residential projects last year, the New York Building Congress said Friday in a new report. The report, which said the city’s construction industry has had a productive decade, was more iffy about the sector’s near-term prospects.

“The industry’s short-term prospects are tenuous at present as a return to peak construction and employment is dependent upon the strength of the economic recovery and the ability of government to continue investing in the face of large deficits,” Building Congress president Richard T. Anderson says in the report. “However, to this point, government and institutional investment have held up and some major projects are moving forward. In addition, despite the recent building boom, any current oversupply of office and residential space may be short-lived.”

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