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NY Building Congress: Construction Spending Headed for 10% Rise

A number of major institutions are moving forward with major expansions, and millions of square feet of new office development are on the drawing board," says president Richard T. Anderson.

By Rayna Katz | Updated on August 13, 2014

NEW YORK CITY—Led by a surge in the residential sector, New York City construction spending is poised to increase by 10% in 2014, according to a New York Building Congress midyear analysis of current and forecasted construction activity.

After reaching $28.5 billion in total construction spending in 2013, the Building Congress is forecasting spending of $31.5 billion for all of 2014. If realized, it would mark just the fourth time, and the first since 2010, that construction spending in the five boroughs topped the $30 billion mark.

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