The New York Building Congress forecasts construction spending will break $40 billion next year for the first time in the city's history thanks to a residential development boom. However, it will still fall short of the inflation-adjusted peak in 2007.
Residential building accounted for 38% off all construction dollars this year with government spending accounting for 32% and nonresidential projects accounting for 30%.
Private Sector Investment Propels New York City Construction to Renewed Heights
The New York Building Congress also predicts construction employment will reach 130,900 jobs in 2016 and 131,800 in 2017. Those numbers still fall 800 jobs short of the 132,600 peak in 2008.
