New York City construction spending reached $29.3-billion in 2013, up 6% from 2012, and helped by growth in the government sector, according to a new New York Building Congress (NYBC) study.
Government spending accounted for $13.7 billion, or 47% of construction spending last year, the study says. That is only a slight increase from the $13.4 billion spent in 2012. Spending in this sector peaked in 2008 at $16.3-billion, but has remained in the $13 to $14-billion range during the past three years, the study shows.