Annual Report 2008

A Decade of Transformation

In this first decade of the new Millennium, New York City is undergoing a transformation the depth and breadth of which has not been felt since the period immediately following World War II.

The pace of development, investment and demographic change over the past eight years has been nothing short of breathtaking. Spurred by an economy that quickly recovered after 9/11, an influx of foreign visitors and capital, and a consistently improving quality of life, New York City and the metropolitan region are in the midst of a sustained renaissance the likes of which are rarely seen anywhere.

Concerns are growing, however, about the potential for a national recession fueled by turmoil in the credit markets, declines in the housing market and rising costs. While New York City will never be immune from shocks to the national and world markets, the positive changes that have occurred over the past few years have made New York's economy and its long-term outlook much more positive and considerably more stable than at any point in its rich history. The simple fact is that the City of New York has never been stronger or its outlook so bright. Now, we have every right to claim the mantle of the world's greatest city, thanks to an economy that is strong and diverse, a population that is growing, and a Citywide development strategy that addresses the needs of today and tomorrow.

Moreover, New York's quality of life is better in most every way. Under Mayor Michael R. Bloomberg, the City is capitalizing on its innate strengths, attractiveness, creativity and uniqueness. And thanks to his leadership, the groundwork is being laid for decades of growth and civic betterment.

The majority of indicators point to a continuation - and most likely an acceleration - of this spectacular remaking of the world's most important and dynamic city over the remaining years of this decade. While New York's transformation extends to all aspects of the City, in no area has that change been more dynamic or prominent than the built environment. The following pages highlight recent achievements and ongoing projects spearheaded by the design, construction and real estate industry in partnership with New York's elected leaders, including Mayor Bloomberg, Governor Paterson, the City Council and State Legislature.