October 14, 2020
The city’s construction industry will lose nearly $11 billion by year’s end because of the pandemic, said Crain’s New York Business, citing a newly issued report from the New York Building Congress. Once projected to reach $66 billion for the year, spending on building will settle at $55.5, the Building Congress analysis found.
Factors such as the three-month shutdown on nonessential construction, financing troubles and hesitation to start projects have sent a chill through the industry. Projected spending will drop 8.5% below last year’s $60.6 billion and settle to 2017’s record-breaking levels, the trade group said.
However, it could have been a lot worse. “When everything happened back in March, I thought we were going to go down to $40 billion,” Building Congress president Carlo Scissura told Crain’s. “The fact that we’re in the mid-50s is to me a very pleasant surprise.”
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