 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
 |
 |
 |
|
|||||
|
Charts and Diagrams
Construction spending in New York City is expected to reach $16.4 billion in 2000, a 38 percent increase from 1999 when spending totaled $11.9 billion. In 1995, total construction spending stood at just $9.2 billion. According to analyses of public and private forecasts, the Building Congress anticipates construction spending will remain high for several more years, averaging about $16 million through 2003.
Public sector construction in New York City is expected to rise to $8.8 billion in 2000, which is up from $6.3 billion in 1999. Since 1995, dollars spent on public construction has varied, averaging about $5.7 billion per year. Though fluctuations from 2001 through 2003 are also projected, average annual construction is expected to exceed $8.2 billion.
Construction industry employment in New York City is expected to exceed 120,000 in 2000, up from 113,600 last year. In 1995, employment stood at 90,200 and has been rising each year since. Based on projected construction volume, by 2003 the need for construction workers could outstrip supply by 30,000 or more. A key industry challenge is how this shortfall will be addressed. *Includes field and office personnel.
Residential construction in New York City is expected to exceed 16,000 units in 2000, up from just over 12,000 in 1999 and more than three times the number added in 1995. Construction has risen steadily in the last four years and is expected to continue increasing through 2003.
Non-residential construction in New York City is expected to exceed 14 million square feet in 2000, up from 10.8 last year and 5.4 million in 1995. After topping 6 million square feet in 1996, construction rose to nearly 10 million in 1997, followed by more than 8.5 million in 1998.
In 1999, infrastructure projects accounted for 52.8 percent ($6.3 billion) of all construction spending while non-residential construction accounted for 31.8 percent ($3.8 billion) and residential construction accounted for 15.4 percent ($1.8 billion). By 2003, infrastructure spending is estimated to account for just 47.2 percent of the total with 35.4 percent on non-residential construction and 17.4 percent spent on residential projects. While spending is expected to rise in all three sectors, the average
annual rate of increase for infrastructure construction (6.7 percent)
is expected to lag behind residential (11.0 percent) and non-residential
(10.3 percent) building activity.
|
