Spending for residential construction in the city is falling, a new report says, as the total spending for the industry is surging to record highs, even amid ballooning costs. Total spending for construction is estimated to hit $25.6 billion in 2007, according to a report from the New York Building Congress, an increase from 2006 that would represent a slowdown in growth compared with previous years.
The report, which its authors say is based on conservative estimates, said a record high $24.6 billion was spent on construction in the city in 2006, an 18% jump from 2005. Commercial and governmental construction spending grew in the same period with spending on residential construction dropping to $4.
8 billion from $5.2 billion. A decline is predicted for the residential sector in 2007.
The president of the Building Congress, Richard Anderson, said the decline in apartment construction is insignificant, and the outlook for the all sectors of the industry is positive.
News RSS