NEW YORK – According to New York Building Congress' Construction Outlook 2020-2022 report, 2020 construction spending is forecasted to exceed actual spending from eight of the past 10 years, despite the impacts of COVID-19.
The report suggests that construction spending is expected to reach $55.5 billion in 2020, which would represent an 8.5% decline from 2019's $60.6 billion in construction spending. However, the estimated $55.5 billion would match 2017's then-record-breaking amount.
The New York Building Congress forecasts total construction spending to reach $168.5 billion within three years, between 2020 and 2022; expecting $56.9 billion in 2021 and $56.1 billion in 2022.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
