Residential Construction Still Riding a Tax-Break Surge in NYC
"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.