NEW YORK CITY-The city’s construction market is beginning to take a positive turn after falling sharply during economic downturn. Based on demand for luxury multifamily housing, ongoing work at the World Trade Center and continued public infrastructure investment, construction spending is expected to surpass $30 billion for the first time since 2008, said Richard Anderson, president of the New York Building Congress during an event at the Hilton New York in Midtown on Wednesday morning.

Addressing members of the organization, Anderson said the city’s construction industry has experienced a “swift” and “remarkable resurgence,” citing examples such as One World Trade Center and the Second Avenue Subway. “The long term prognosis for the non-residential sector remains healthy,” he said. “Right now, there are approximately 20 million square feet of new office towers that are shovel-ready and can move forward once the economy can support them.”

According to new research from the Building Congress, the organization forecasts a 9% increase in overall construction spending, from $28 billion in 2011 to $30.7 billion in 2012. Going forward, construction activity is expected to remain steady into 2013, with projected spending of $30.2 billion—before dropping slightly to $29.1 billion in 2014.