The NYBC report estimates that spending will reach $61.5 billion by the end of this year, $65.9 billion in 2020 and $62.1 in 2021. The largest category, government-funded infrastructure, is projected to be $67.9 billion over the three years. Non-residential construction will be $66.2 billion, followed by residential construction at $55.4 billion, the report says.
The report also says that the number of construction jobs in New York City will reach 161,000 by the end of the year, the eighth consecutive year of growth. However, the report suggests there will be an employment decline to 157,200 in 2020 and 153,600 in 2021.
NYBC’s report is based on a combination of its own analysis with data from Dodge Data and Analytics, U.S. Census Bureau, the city’s Department of Buildings and other sources.
The latest report says $56 billion was spent on construction in 2018, a slight increase from 2017’s updated total of $55 billion. (Last year’s report pegged 2017’s spending at $49.3 billion.) The reports are updated dynamically, so there can be discrepancies in the reported figures each year.
NYBC estimates that about 16 million sq. ft. of office space will be built in the next three years, representing a majority of non-residential construction spending.
In the years between 2016 and 2018, the NYBC says more than 78,300 new housing units were constructed, one of the most productive three-years in the city’s history.