Construction spending continued to boom in New York City in 2016, according to the New York Building Congress. New York City construction spending is expected to reach of $43.1 billion in 2016, a 26% increase from 2015, when spending reached $34.3 billion. The increase is largely due to work in the residential sector. “The residential construction sector remains in the midst of a historic run,” said outgoing Building Congress President Richard T. Anderson in a press release. “More than $50 billion in residential spending and the construction of 120,000 new housing units throughout the five boroughs are expected over the four-year period from 2015 through 2018.”
The Building Congress expects the current building boom to continue through the next two years, with $42.1 billion in construction spending projected for 2017 and $42.3 billion in 2018.