10:52 am May. 1, 2012
A new report by the New York Building Congress says that residential construction in the city is up, government-financed construction is down, and construction jobs have fallen 16 percent from their 2008 peak.
"Construction employment averaged 111,500 jobs in 2011, down less than one percent from 112,400 jobs in 2010," according to the Congress's New York City Construction Outlook. "Employment in this sector, however, remains down 16 percent from a peak of 131,400 jobs in 2008 and is at its lowest level since 2004. The Building Congress projects construction employment to increase to 120,800 in 2012, before dropping to 105,400 jobs in 2013."
Among other findings of note, while $14.4 billion in government-financed construction comprised 53 percent of New York City construction spending in 2011, that's 10 percent less than the year before. The Building Congress anticipates that number sliding yet further, to $12.7 billion this year and $9.6 billion in 2013.
On a more positive note, "the Building Congress is projecting a dramatic resurgence in residential construction in the coming years – with spending reaching $4.8 billion in 2012 before climbing to a non-inflation-adjusted record of $6.8 billion in 2013."
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