A construction advocacy group says spending on building in New York City is expected to drop 20 percent in 2009.
In a report released yesterday, the New York Building Congress said sharp declines in private sector building are to blame for the predicted decrease.
Overall construction spending in the city is expected to fall to $25.8 billion this year from the all-time high of $32.4 billion in 2008.
Residential and non-residential construction, such as office space and sports-entertainment venues, experienced “precipitous” declines in 2009.
It forecasts a total of 24,000 new housing units will be built from 2009 to 2011. That’s 10,000 short of what was constructed in 2008 alone.
Construction jobs also are expected to drop this year.
Topics Construction
Was this article valuable?
Here are more articles you may enjoy.
Nationwide: Consumers Say Insurance Should Evolve for Micromobility Vehicles 
Ex-CEO, Ex-CFO of Bankrupt AI Company Charged With Fraud 
With Falling Private Re Prices, Should Florida Let Insurers Buy Less From the Cat Fund? 
Hedge Fund Money Is Reshaping a 180-Year-Old Insurance Model 
