According to the New York Building Congress analysis, a record $31.8 billion was spent on construction in New York City in 2008.Public sector projects funded by city, state and federal agencies and state and regional authorities accounted for $15.0 billion -- or about half of all construction spending for the year.
Non-residential construction -- office space, institutional development and sports/entertainment venues -- has more than tripled in the past 5 years.
Residential construction also boomed last year, with the number of new units produced topping 30,000.
Construction employment was up for the 11th straight year in 2008, with more than 100,000 workers engaged.
This year? An estimated 17 big projects are stuck in the pipeline.
The article from New York City Construction Outlook.
