Annual construction spending in New York City is expected to top $30 billion for the first time since 2008, according to a yearly report released today by the New York Building Congress.
Overall construction spending will reach $30.7 billion this year, the group predicts,a 9 percent year-over-year increase from $28 billion in 2011. The post-recession low was $25 billion in 2010.
Residential construction, pushed up by demand for luxury housing, is anticipated to hit $3.2 billion in 2012, from $2.9 billion in 2011. Non-residential building projects (office space, sports venues, hotels, etc.) are predicted to leap to a record $12.6 billion this year, bolstered by large undertakings such as the World Trade Center, the Barclays Center and renovation of Madison Square Garden.
“The city’s construction industry has experienced a swift and rather remarkable resurgence,” New York Building Congress president Richard T. Anderson said in a statement.
Spending on mass transit, public schools, bridges, roads and other public infrastructure will edge up to $14.9 billion in 2012, then remain flat through 2014, the group predicted.