NEW YORK CITY-Construction starts citywide took a steep dive in the second quarter, plunging 64% from Q1’s $6.9 billion to land at $2.5 billion, according to the New York Building Congress. The Q2 results also compare unfavorably on a year-over-year basis, and represent a 55% drop from Q2 2008.

“The second quarter numbers are clearly disappointing – especially coming on the heels of two relatively impressive quarters,” Building Congress president Richard T. Anderson says in a report released Tuesday.  “While this poor showing could simply be a pause on the road to recovery, it demonstrates that demand is not yet sufficient to kick-start residential and office development.”

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