NY Building Congress Forecast: Surge in Residential Sector Drives a 10% Overall Increase in Construction Spending for 2014
August 2014
Led by a 50% increase in residential construction spending, New York City construction spending is poised to increase by 10% overall in 2014, according to the midyear forecast published by the New York Building Congress. After reaching $28.5 billion in total construction spending in 2013, the Building Congress is currently forecasting spending of $31.5 billion for 2014. This could mark just the fourth time, and the first since 2010, that annual construction spending in NYC topped $30 billion. While the $31.5 billion forecasted would be a record in nominal terms, the value of construction in 2014 would be 17 percent below the peak of 2007, after factoring for construction cost inflation. The Building Congress expects construction employment to reach 122,700 in 2014, up 1.5 percent from 2013, when 120,900 jobs were produced. View Full Report >