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Construction spending in the city continues its downward trend

Construction spending in New York City is being taken for a roller-coaster ride, with spending projected to increase this year by 26% from 2020, then dip by $4 billion by 2023, according to an analysis by the New York Building Congress.

Much of the decline in construction investment is because of a retraction in government spending, which will fall by $500 million, and a drop in residential building projects, where 21% fewer units will be constructed by 2023.

The total amount of floor space built across all types of real estate is expected to drop from 74.2 million square feet this year to 61.3 million square feet.

Crain’s NY



























Photo by Jeriden Villegas on Unsplash

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