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Construction Spending Hits New Dollar High in NYC
The New York Building Congress forecasts $61.5 billion in New York City construction spending in 2019. This would represent a nearly 10% increase over 2018, making it the highest total in actual dollars in New York City history. It would also rank first since 1995, when reliable data became available, after adjusting for inflation.
Based on economic forecasting, the Building Congress expects this spending to increase to $65.9 billion in 2020 and taper off to $62.1 billion in 2021. Similarly, New York City construction employment is poised to increase for the eighth consecutive year to just over 161,000 jobs in 2019, then level off to 153,000 by 2021.
The Building Congress forecasts 103.3 million gross square feet of floor space will be built in 2019, a 28% year-over-year increase. Although nonresidential and government construction command larger shares of the $61.5-billion pie, residential construction has seen the fastest Y-O-Y increase.
Pictured: 425 Park Ave.topping out, December 2018.
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- ◦Economy
- ◦Development
