NYBC: Construction Spending Skyrocketing to New Heights

Anderson: “The big question is whether this pace can be sustained once all the projects in the pipeline have been completed.”

NEW YORK CITY—Thanks to continued strong demand for new residences and offices—along with a rebound in government infrastructure investment—local construction spending is approaching or exceeding record levels, according to a new report by the New York Building Congress, with support from the New York Building Foundation.

NYBC forecasts construction spending here of $43.1 billion in 2016. This represents a 26% increase from 2015, when spending reached $34.3 billion. The Building Congress anticipates the current building boom to continue through the next two years, with $42.1 billion in construction spending projected for 2017 and $42.3 billion in 2018.