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NYC Construction Spending To Surpass $30B

NEW YORK CITY-Robert K. Steel, deputy mayor of the City of New York, told members of the New York Building Congress on Wednesday morning that much of the momentum is being driven by new CBDs in Downtown Brooklyn, Lower Manhattan, the Far West Side and Willets Point.

By Jacqueline Hlavenka | Updated on October 17, 2012

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.”

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