NYC construction expected to keep rising in 2019, new report shows
By MICHAEL GARTLAND
NEW YORK DAILY NEWS |
OCT 24, 2019 | 10:02 AM
Skyscrapers construction site for modern buildings in New York. (WILLIAM PERUGINI/Getty Images/iStockphoto)
Spending on city construction projects is expected to jump 10% by the end of the year — up to $61.5 billion from $56 billion last year, a new report from the New York Building Congress revealed.
The eight-page report, to be released Thursday at the group’s annual industry breakfast, anticipates a 13% increase in residential building spending by year’s end, up $19.7 billion from $17.3 billion in 2018, and projects what would bring a record-setting 161,000 blue collar construction jobs in 2019.
“This period is a huge boom. It’s reshaping the landscape of the five boroughs,” said Building Congress President Carlo Scissura. “I hope that this will underscore the critical vitality and importance of the construction industry here.”
Growth in recent years has been fueled by several factors.
Spending on private residential development shot up by more than $2 billion over the last year.
The MTA, the Port Authority and city government have all increased the funding they’re dedicating to infrastructure projects. Total government spending in the city is expected to rise to $20.6 billion in 2019 compared to $18.3 billion last year.
https://www.nydailynews.com/new-york/ny-construction-building-congress-jobs-20191023-tmrvaqg2m5cy3ms2gkttv5vrii-story.html
