Mark Fahey cites data from Crain's and the New York Building Congress showing that New York City's improving economy has percolated big numbers of hires through all levels of the building industry.
"The city's strengthening economy is powering a wave of hiring among firms involved in the design, engineering and construction of real estate. Last year the top 25 architecture firms and top 20 companies in engineering and in construction added thousands of jobs, with each category increasing its head count by 8% over 2012 levels, according to new data from Crain's," reports Fahey.
After increased hiring cycled through architecture firms and engineering firms, "[last] year the property cycle finally paid off for the construction firms, pushing employment to a five-year high of nearly 121,000 jobs, up 4% from the year before, according to the NYBC. The top 20 firms on the Crain's list expanded their head count by a combined 8% in 2013, on the back of a 6% climb in construction spending, to $29.3 billion, and a 3% rise in New York area revenue for those companies."
Residential housing is driving a lot of the new work: "Strong growth in spending on residential projects—up 36%—helped spur that hiring spree. Last year's $7.3 billion total spending exceeded pre-recession highs, according to the New York Building Congress."
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