“Making real progress”: NYC construction spending surges amid policy green lights

If those construction cranes and jackhammer noises feel ubiquitous, it’s because New York City is building like it hasn’t in years. Construction spending in the city is expected to hit $80 billion this year, according to data from the New York Building Congress reported by Crain’s. That’s a $10 billion increase from a year ago and a 16 percent increase from the previous three-year period. Residential development accounts for a bulk of the building activity. The city is on track to authorize permits for projects spanning more than 31,000 units by the end of the year; the city averaged approximately […]

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