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.
US P/C Posts $35B YTD Underwriting Gain; By-Line Premium Growth Revealed 
FBI Involved After Two Florida Injury Lawyers Go Missing From Fishing Trip 
Underwriter, Actuary Fears of AI Drop; Work Needed on Collaboration 
Three Top P/C Insurers Account for Most of Insurance AI Patents 
