The Construction Outlook is a yearly publication that covers forecasts for the current year and the next two years. The 2019-21 New York City Construction Outlook is the most recent edition, released in October 2019.
The NYBC (New York Building Congress) and New York Building Foundation 2019-2021 New York City Construction Outlook reports that NYC is in its “second most robust building boom of the 21st century, experiencing the highest levels of investment and employment in history.”
The numbers are:
• Sixth year of NYC building boom
• $61.5 billion in 2019 construction spending, a nearly 10% increase from 2018: highest total in NYC history and first since 1995 after adjusting for inflation
• Level of spending is predicted to increase to $65.9 billion in 2020 and reach $62.1 billion in 2021
The employment numbers rose to 161,000 in 2019 and are anticipated to dip in 2020 to 157,200 jobs and again in 2021 to 153,600 jobs. Compared to the previous three-year average, the three forecasted years average 4,900 more jobs.