Building Trades

NYC Construction Spending Sets Record

May 27, 2017

By Tara Jessup

May 27, 2017
By Stephanie West

New York Building Congress President and CEO Carlo A. Scissura.

New York, NY – Construction spending across the five boroughs set an all-time record in 2016, according to a New York Building Congress analysis of multiple data sources.

The Building Congress estimates that a total of $42.4 billion was spent on construction projects in New York City last year, 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 1 percent.

The Building Congress analyzed the extent to which the current building boom continues to reverberate throughout the local economy. The $42.4 billion spent on direct construction last year generated an estimated $66.3 billion in total economic output, up from $64.9 billion in 2015 and $51.5 billion in 2014.   Construction created over 349,000 local jobs in 2016.

“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. “In addition to being a catalyst for jobs, tax revenues, and heightened quality of life, a thriving construction industry generates enormous ripple effects that are felt by residents throughout the five boroughs and sows the seeds for continued economic growth.”

May 27, 2017

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