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City's Construction Industry to Shrink: Report

Wednesday, October 26, 2011

The construction industry in New York is in for some more lean years, a forecast from an industry group revealed Wednesday.

Construction spending is predicted to decline to $23 billion in 2013, down from $28 billion last year, according to the Building Congress of New York.

Diminished government spending is being blamed for the decline.

As spending dries up, so will jobs. The Building Congress anticipates that by 2013, fewer than 100,000 people will work in New York's construction industry -- the lowest level since 1996, and more than 30 percent off the peak in 2008.

One bright spot: residential construction is in a modest recovery that's expected to continue over the next few years.

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