NYC Construction Spending Up 25% From 2017, Says NYBC

Carlo A. Scissura, president and CEO, NYBC welcomes guests at the organization’s industry breakfast at New York Hilton Midtown/ Photo credit: NYBC

NEW YORK CITY—Construction continues to boom with a forecast that spending will reach $61.5 billion, a new record high for the city, according to the Construction Outlook 2018-2020 report authored by the New York Building Congress and the New York Building Foundation. The report states this spending reflects a 25% increase from last year. It also notes employment gains with the workforce almost at 158,000 this year. However, construction spending is expected to dip to $59.3 billion in 2019 and $56.4 billion in 2020.

At an industry breakfast on Friday morning, Carlo A. Scissura, president and CEO of the New York Building Congress, released the report and highlighted some of its findings. In the keynote address, New York City Transit president Andy Byford called for continued investment in the city’s public transportation. A panel of transportation experts reviewed the city’s transportation challenges, underscoring the need for modernizing and supplementing existing transit.