NYBC projects that construction spending will reach $28.8 billion by year-end but fall to $25.1 billion in 2013. The analysis is an update of NYBC’s annual New York City Construction Outlook report that was released last October.
The NYBC analysis shows that government construction spending including mass transit, public schools, roads, bridges and other infrastructure accounted for 53% of all construction spending in the five boroughs last year. That put this sector’s spending at $14.4 billion in 2011, down 10% from 2010. NYBC predicts government construction spending will decline further, to $12.7 billion in 2012 and $9.69 billion in 2013—a 40% decline from 2010.