| Charts
and Diagrams
Construction Spending 1995-2007
Construction spending reached a record $16.7 billion in 2003 and nearly that again in 2004. The outlook for construction spending in 2005 is expected to climb to nearly $20 billion and remain near that level until 2007. If these forecasts hold true, spending could be double the level of just ten years ago. Much depends on the ability of major public agencies to fully fund their capital programs.
Construction Employment 1995-2007
From a peak of 122,000 jobs in 2001, private construction employment fell to 107,300 in 2004, excluding construction jobs on public agency payrolls. Heightened construction activity forecast for 2005 could raise job levels by 20,000 should all planned public spending occur. .
Public Construction Spending 2001-2007
Although MTA capital commitments are expected to decline in 2006-2007, New York
City's capital budget and Lower Manhattan capital spending will help increase overall
construction levels. However, the City is also facing rising debt burdens that may force
projects to be extended if not canceled.
Residential Construction
1995-2007 |
Non-Residential Construction
1995-2007 |
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| By year end 2004, housing permits were up 19% over 2003 to 25,200 and will likely hold steady at approximately 23,000 units through 2007, assuming favorable interest rates continue. No other sector has experienced such a dramatic turnaround. |
After peaking at over 21 million square feet (msf) in 2001, non-residential construction fell to 13 msf in 2004, in response to the recession and
the events of September 11, 2001. However, in 2005, a recovering economy and renewed development interest will see the start of 9 new
major office buildings contribuing to 20 msf of
non-residential construction. |
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