New York, NY – Construction in the city is on a record pace and will reach a staggering $83 billion worth of new projects ranging from office towers to baseball parks over the next three years, a new study shows.
The report, found that a record $24.6 billion was spent on construction in the city last year – a figure projected to jump 18 percent through 2009.
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Unlike past building booms that have centered on either residential or commercial projects, the current spate of construction crosses every industry – from new commercial and residential towers to public projects, including new subway and rail stations.
"Today, New York City is experiencing a prolonged period in which the economy is firing on all cylinders and feeding construction activity in all sectors," Building Congress President Richard T. Anderson said. [nypost]