New York City construction spending is on track to hit a record high in 2016. According to the New York Building Congress's forecast, construction spending will reach $43.1 billion in 2016 — a 26% increase from 2015 and the first time spending will have eclipsed $40 billion in the city.
The association's forecast has NYC spending projected at $42.1 billion in 2017 and $42.3 billion in 2018.
The 2016 building boom is being led by the private sector. Spending on residential and nonresidential buildings in 2016 is 47% greater than it was in 2007, the peak of the previous building boom. However, spending on government and infrastructure projects is expected to be 39% lower than in 2007.
The Building Congress also forecasts a total of 147,100 construction jobs in 2016, and increase of 8,900 jobs from 2015. It would be the fifth consecutive year of rising construction employment in NYC. However, the Building Congress is anticipating construction employment will decrease in 2017 and 2018.
