NEW YORK CITY—Led by a surge in the residential sector, New YorkCity construction spending is poised to increase by 10% in 2014,according to a New York Building Congress midyear analysis ofcurrent and forecasted construction activity.
After reaching $28.5 billion in total construction spending in2013, the Building Congress is forecasting spending of $31.5billion for all of 2014. If realized, it would mark just the fourthtime, and the first since 2010, that construction spending in thefive boroughs topped the $30 billion mark.
While the $31.5 billion in forecasted spending would be a recordin nominal terms, the value of construction in 2014 would be 17%below the peak of 2007, after factoring for construction costinflation.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
