May 23, 2017
Construction spending across the five boroughs set an all-time record in 2016, and also reached its highest annual level in decades, even after adjusting for inflation, according to a New York Building Congress analysis of multiple data sources.
Developers and owners spent a total of $42.4 billion on construction projects in New York City in 2016, up from $41.2 billion in direct construction spending in 2015, and $32.4 billion in 2014. After adjusting for inflation, 2016 spending topped this century’s previous high-water mark, set in 2007, by about one percent.
“The construction industry continued to fire on all cylinders in 2016, which has extremely positive short- and long-term implications for New York City and the region,” said New York Building Congress President and CEO Carlo A. Scissura.
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