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October 20, 2007
Unlike residential building, commercial construction boom expected to continue
Financial Week
Frank Byrt
A notable example of the booming commercial construction sector is New York City. The New York Building Congress, an industry group, said in its annual report on the city’s new construction outlook this week that developers will spend $83 billion on new projects over the next three years. Spending on new construction, which was a record $24.6 billion in 2006, will total $26.2 billion this year, $27.5 billion next year and $29 billion in 2009, according to the group.
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Among the long-term construction projects seen contributing to the city’s growth are the redevelopment of the World Trade Center site, the Atlantic Yards project in Brooklyn and new stadiums for the New York Yankees and the New York Mets baseball teams.
Posted by amy at October 20, 2007 11:16 AM