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NYC Construction Boom by the Numbers October 17, 2007

Posted by farshadf in NYC.
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How does $83 billion worth of condos, apartments, office towers and huge projects over the next three years sound? That’s the projected spending on the ongoing NYC “building boom,” according to a new report from the New York Building Congress. That works out to an increase in construction jobs from 116,000 in 2006 to 130,000 by 2009. The spending works out to $26 billion this year, $27.5 billion next year and $29 billion in 2009. Residential construction is projected to decline from 35,000 units this year to 30,000 in 2009. But, huge projects like the 7 Train extension, Second Avenue subway, West Side Rail Yard development and World Trade Center rebuilding are going to keep the overall numbers up for some time to come.

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