NYC Construction Spending Set To Eclipse 2007 Peak: Report

Law360, New York (October 18, 2013, 2:49 PM EDT) -- Construction spending in New York City is expected to reach $31.5 billion this year, surpassing its 2007 peak, according to a new forecast report from the New York Building Congress released Friday.

The marked increase in construction spending this year — expected to be an increase of 14 percent from 2012 — has been encouraged by a renewed surge of demand for residential housing and the progress of several huge development sites, including Atlantic Yards in Brooklyn.

“New York City is once again demonstrating its remarkable...
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