NYC construction expected to keep rising in 2019, new report shows
Published on Oct 24, 2019 by
Michael Gartland
New York Daily News
10.24.19
Spending on city construction projects is expected to jump 10% by the end of the year — up to $61.5 billion from $56 billion last year, a new report from the New York Building Congress revealed.
The eight-page report, to be released Thursday at the group’s annual industry breakfast, anticipates a 13% increase in residential building spending by year’s end, up $19.7 billion from $17.3 billion in 2018, and projects what would bring a record-setting 161,000 blue collar construction jobs in 2019.
“This period is a huge boom. It’s reshaping the landscape of the five boroughs,” said Building Congress President Carlo Scissura. “I hope that this will underscore the critical vitality and importance of the construction industry here.”
Growth in recent years has been fueled by several factors.
Spending on private residential development shot up by more than $2 billion over the last year.
The MTA, the Port Authority and city government have all increased the funding they’re dedicating to infrastructure projects. Total government spending in the city is expected to rise to $20.6 billion in 2019 compared to $18.3 billion last year.
The healthcare industry has plowed billions of dollars into infrastructure as well. The Building Congress expects continued growth in that area with a Lenox Hill Hospital expansion in the works, as well as projects at the Coney Island Hospital campus and New York Methodist Hospital.
The forecast is not entirely rosy, though. The Building Congress projects continued growth in construction spending through 2021, with total costs expected to hit $65.9 billion in 2020 and $62.1 billion in 2021. But expects to see a dip in blue collar jobs during those years.
That work is expected to drop to 157,200 spots in 2020 and 153,600 in 2021 with the additional money in those years paying for white collar workers like architects, engineers and lawyers, as well as toward the purchase of land.
https://www.nydailynews.com/new-york/ny-construction-building-congress-jobs-20191023-tmrvaqg2m5cy3ms2gkttv5vrii-story.html
