Annual Report 2004
Research and Analysis
The New York Building Congress, and its affiliate, the New York Building Foundation, provide timely and accurate research on trends and policy issues of critical importance to the construction industry.
In conducting its research and analysis, the Building Congress draws upon the talents of respected economic and policy consultants, as well as the wisdom and experience of leading industry executives.
The Building Congress' reports provide members, public officials and industry observers with not only a statistical snapshot of the building environment but also the context behind the numbers.
The following reports, released in early 2004, touch on issues relevant to the industry and to government leaders. These reports are intended to form a basis for discussion, stimulate dialogue and foster cooperation among all segments of the industry along with public sector partners.
Construction Outlook
Construction Outlook annually analyzes various data sources and capital budgets to provide a comprehensive historical and prospective view of construction spending and employment in New York City. The 2004 report finds that overall activity remained strong in 2003, despite an economic downturn and budget deficits at the City and State levels. While modest construction spending reductions are forecast for 2004, the report projects renewed spending in the coming years and examines the potential impact of newly proposed major developments, such as a stadium for the New York Jets, the Hudson Yards redevelopment and a Nets arena in Brooklyn.
The Capital Question: Financing New York City's Future Infrastructure
The Capital Question analyzes the breadth of capital spending in New York, its relationship to debt financing, and ways in which this spending might be better coordinated among the various City, State, regional and Federal authorities. By posing important questions regarding the sources and nature of critical infrastructure funding, this report challenges industry and government alike to think creatively and to work together. The report draws some exciting conclusions about ways to look beyond traditional debt financing and how to put New York City’s agenda at the center of local capital investments.
Insurance Issues
The Building Congress commissioned a white paper to examine trends in the United States insurance industry. Since early 2000 and particularly after 9/11, all segments of the
construction industry have been adversely affected by sharp rises in premium costs and retention, reduced capacity and the availability of affordable terrorism insurance. On a positive note, the paper found that by the end of 2003, the rising cost of the “hard market” appear to be reaching a plateau for most of the property and casualty market.
