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New York Skyline
A surge in the development of offices and residential properties is pushing NYC construction spending up 26% this year, landing at a record high.
The New York Building Congress says spending will total $43.1B this year, climbing above the $40B peak of 2007 for the first time on an inflation adjusted basis, Bloomberg reports. The group says private sector investment is far outpacing government spending this time around, whereas during the last boom the split was more balanced.
Building Congress president Richard Anderson told Bloomberg the demand for development activity in NYC has never been greater in the last 50 years. "Our best judgment is that we’ll be at the $40B level for the next couple of years,” he added. [Bloomberg]
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