New York City construction spending is expected to rise 9% this year, to $30.7 billion, surpassing the $30-billion mark for the first time since 2008, a new New York Building Congress study shows. The increase is due largely to higher demand for luxury housing, ongoing work at the World Trade Center and continued public infrastructure investment, according to the New York City Construction Outlook 2012-2014 study.
Overall construction spending increased about 22% since hitting a post-recession low of $25.2 billion in 2010. Construction activity will remain steady with 2013 projected spending of $30.2 billion and 2014 spending of $29.1 billion, says the study.