Construction spending in New York City will grow 17% this year to $32.9 billion from $28.2 billion in 2013, according to a report by the New York Building Congress, a membership coalition that promotes the design, construction and real estate industries.
Despite reduced commercial construction investment this year due to the lack of a large-scale arena or live entertainment project, the report forecasts overall spending to grow to $35.3 billion in 2015 and $35.6 billion in 2016, approaching pre-recession levels.
Commercial construction investment is on pace to dip to $7.8 billion from $8 billion in 2013, while residential building is expected to leap 60% to $10.9 billion.
(more on New York City's building-construction forecast . . . )
