City Construction Set to Beat 2007 Peak

A new estimate by the New York Building Congress, an industry group, puts construction spending at $43.1 billion in 2016, above the previous peak of $41.6 billion after adjusting for increasing construction costs.

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Spending on construction projects by New York City is due to nearly double in 2016 to $6.7 billion from 2015, and increase even more in the following years to $7.6 billion in 2018. Construction spending by the Metropolitan Transportation Authority and the Port Authority of New York and New Jersey are also on the rise, the report noted.

Even so, the report found that government spending lagged 39% below spending levels in 2007, after adjusting for changing construction costs.