Dive Brief:
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Construction in New York City is nearly as brisk as it was during the housing boom in 2007 and 2008, and could surpass those record-setting years by the end of 2014.
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The annual New York City Construction Outlook attributes much of the activity to luxury homebuilding. Construction spending in the city has increased by 17% since 2013, and could reach $32.9 billion by the end of December.
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The group forecasts that next year, construction spending in the city could top $35.5 billion, and in 2016, it could increase slightly.
Dive Insight:
Still, the report notes, because construction costs are substantially higher today than they were in 2007 and 2008, the inflation-adjusted number for 2014 spending is slightly lower than it was then. For the same reason, the volume of work delivered this year is actually 17% blow that peak.