Total construction spending in New York City’s five boroughs reached $24.6 billion in 2006, an 18% increase over 2005 levels, according to an interim report by the New York Building Congress, a local industry group. The report forecasts an additional 4% increase for 2007, bringing total spending in the five boroughs to $25.6 billion. NYBC has been measuring residential, non-residential and government spending since 1995. Since 2005, residential construction remains steady at about $4.8 billion, but non-residential and government spending has surged. In 2005, non-residential spending reached $4.1 billion. In 2006, spending rose to $7.9 billion, a 93% increase. In 2007, spending is expected to increase another 9% to $8.6 billion. Government spending in 2005 was $11.4 billion. Spending increased in 2006 to $11.8 billion, and 2007 spending is forecasted at $12.3 billion.
New York's Market Hot Spot
June 6, 2007