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June 9, 2009
’08 construction spending rose
Despite the recession, spending swelled by 4% last year. Still, all signs point to a decline in ’09 as major projects such as the Atlantic Yards development stall out.
Crain's NY Business
by Theresa Agovino
While construction spending actually increased in New York City in 2008, at least according to the New York Building Congress, the outlook for 2009 is not so rosy.
However, some of projects that spurred that spending, such as the new stadiums for the Yankees and Mets as well as the Bank of America Tower, are essentially complete. Meanwhile, other projects such as the World Trade Center, Atlantic Yards and numerous residential projects are stalled, portending a drop in spending this year. The Building Congress identified 17 announced projects that are delayed.
Posted by eric at June 9, 2009 4:10 PM