Construction spending in New York City is expected to hit an all-time high of $43.1 billion by the end of 2016, according to a report released by the New York Building Congress.
The figure takes into account all the cash spent on public and private developments, and the number shows that it is 25% higher than last year. Spending on residential projects is projected to reach $13.4 billion this year, five times more than in 2010.
“The residential construction sector remains in the midst of a historic run,” said Richard Anderson, head of the Building Congress.
The New York Building Congress also predicted a record 147,100 construction jobs for 2016.
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