New York Building Construction to Top $30B for First Time Since 2008

Building pace in city is up 9 percent over 2011.

New York is in a building boom as construction in the city is expected to top $30 billion this year for the first time since 2008, a new study found.

That’s up 9 percent over 2011, fueled in part by an all-time record of $12.6 billion this year in nonresidential construction, the New York Building Congress said.

Major projects like the World Trade Center site, the Barclays Center and the renovation of Madison Square Garden were supplemented by what congress president Richard Anderson called “a decades-long building boom in higher education.”

He cited the 10- and 20-year capital construction programs of Columbia University and NYU as examples.

But the construction industry’s recovery hasn’t translated into an employment boom.

Construction jobs in the city fell 0.6 percent this year to 110,800. That’s the lowest figure since 1998 and it’s due to better technology and less labor-intensive construction, said the congress.

The number should grow to 113,400 jobs over the next two years, but that’s a long way off the 132,600 jobs of 2008.

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Source: New York Post/AP