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NY Building Congress Forecasts Construction Spending Surges

NEW YORK CITY-A predicted rise in building activity is slated to cut across nearly every sector of real estate.

By Rayna Katz | Updated on October 17, 2013

NEW YORK CITY-Two mega-development sites, a resurgent residential market and ongoing government infrastructure projects will drive area construction up to record levels this year and continue to spike through 2015, according to a new report by the New York Building Congress. The New York City Construction Outlook 2013-2015—prepared with support from the New York Building Foundation—promises boosts in activity across numerous sectors, leading also to an increase in construction employment.

“Since 2000, activity has tripled (not factoring in inflation), because today the city is an attractive place to invest in, to work, live and visit,” NYBC president Richard Anderson tells GlobeSt.com. “All of that is leading to construction activity, whether its in hotels, higher education institutions or other areas. That’s what’s so reassuring, [the construction increase] is a lot of everything.

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