As a sign of improving economic news, the New York Building Congress is reporting that New York construction spending has risen to $30.7 billion for 2012:
Spending on New York City non-residential building projects is expected to reach a record $12.6 billion in 2012, pushing up overall construction spending a surprising 9.0 percent to $30.7 billion, an industry group said on Wednesday.
But overall construction activity is expected to remain relatively flat in 2013 at a projected $30.2 billion level, according to the New York Building Congress, which publishes an annual report on the outlook for spending and jobs in New York City's construction industry.
Previously, the Building Congress had predicted a decline from 2011 numbers to $27.3 Billion in 2012 and $23.0 Billion in 2013. Today’s numbers represent a near return to the 2007 peak of $31.0 Billion.
The growth was spurred by such large projects as the World Trade Center, the Barclays Center and the renovation of Madison Square Garden. Residential and public sector projects saw modest gains.