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NYBC: Construction Activity Through 2016 Near Record Levels

NEW YORK CITY—“The NYC construction market has just about fully rebounded from its post-recession depths and is nearing boom territory once again,” says Building Congress president Richard T. Anderson.

By Rayna Katz | Updated on October 23, 2014

NEW YORK CITY—Driven by an unprecedented surge in high-end residential construction—as well as by continued strength in the commercial and government sectors—New York City construction activity is approaching the extraordinary heights experienced during the boom years of 2007 and 2008, according to a new report by the New York Building Congress, with support from the New York Building Foundation.

The NYBC’s construction outlook for 2014 through 2016 forecasts $32.9 billion New York City construction spending in 2014, a 17% increase from 2013, when spending reached $28.2 billion. Construction spending is expected to increase further—to $35.3 billion in 2015 and $35.6 billion in 2016. If the forecast holds, it will mark the first time that construction spending has topped $32 billion.

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