Big investments in residential building in New York City indicate the strength of the city's economy, according to an article in Crain's New York Business.
"Spurred by the boom in residential building, total construction spending in the city will reach a record $39 billion this year and increase another 5% in the next two years," reports Greg David.
Citing projections from the New York Building Congress, David notes that the private sector is picking up the slack from the public sector: "Government spending, which accounted for more than half of all construction outlays in the previous two decades, will account for only a third this year"—though the article predates the recent approval of the MTA capital plan.
The article also goes into more detail about the relationship of the expiration of the 421-a tax break, which Josh Barbanel detailed in a separate article from July. "With [421-a] continuation beyond 2015 now dependent on a deal between builders and the construction unions over wages on 421-a projects, there could be another flurry at end of the year," adds David.
FULL STORY: City construction soars as residential outpaces government spending
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