Residential construction drives NYC spending to near peak levels

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New York Chart of the Week: September 22, 2014

PowerPoint Presentation

    • Driven by a booming residential sector, NYC construction spending is projected to increase to $31.5 billion – the first time since 2008 that it has exceeded $30 billion in nominal spending
    • The continued rise in construction expenditures has contributed to the addition of 4,100 construction jobs to the NYC economy in the past 12 months, as well as increased tax revenues and economic activity

*Government includes mass transit, public schools, roads, bridges, and other essential infrastructure

Sources: NY Building Congress, FW Dodge, JLL Research

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