Times are tough for New York City construction workers.
According to a report from the New York Building Congress, construction spending declined 12 percent last year compared to the previous year. Compared to the peak years of 2007 and 2008, overall spending is down 23 percent.
Fewer projects mean fewer jobs. Construction employment has fallen 15 percent in the last two years to its lowest level since 2004.
Non-residential construction, such as offices and sports venues, fell 10 percent between 2009 and 2010. Declines might have been steeper were it not for a few major investments, including a number of projects around the World Trade Center and the arenas at Atlantic Yards and Madison Square Garden.
Spending in residential construction continues to drag. While this sector accounted for 20 percent of spending on new projects in 2008, in 2010 it was only 9 percent.
With declines in the residential and non-residential sectors, the city's construction industry depends on government projects like mass transit and public schools more than ever. These projects account for more than half of all construction spending in New York City for the third straight year.
But New York Building Congress President Richard Anderson warned that the city may see fewer government projects in the coming year. There is concern that lingering budget deficits, along with decreases in federal funding, will result in a severe downsizing of capital programs, he said.
Comments [1]
Boo hoo.
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