The New York Building Congress issued a report on NYC's construction outlook 2008-2010: This year, construction spending is "forecast to reach a record $33.8 billion, a 16 percent increase from 2007 when spending reached $29.1 billion. Spending is currently forecast to reach $33.4 billion in 2009 before easing to $26.2 billion in 2010."
More projected numbers: 35,00 residential units will be built this year, 20,285 next year, and 18,500 in 2010. Non residential-development (offices, hospitals, colleges, entertainment) will reach $10 billion in 2008, $11.5 billion in 2009, and $7.1 billion in 2010. Government projects (public schools, mass transit, bridges) may be $17 billion this year, $17.4 billion next, and $14.4 billion in 2010.
There's some doubt about the projections for 2009 and 2010; the NY Times notes that "Few if any real estate and construction executives believe that JPMorgan Chase will build a new tower downtown, at Greenwich and Cedar Streets." Also, Vornado has suspended plans for the MLB headquarters in Harlem and calls its office tower plans over the Port Authority Bus Terminal "dormant." And government agencies could scale back their plans.
The NYBC is concerned about construction worker employment possibly falling 23%. NYBC president Richard Anderson said, "Many of the new jobs have been filled by people from outside of the city, perhaps on a temporary basis. So in some cases, the dislocation will not be to the resident workforce. But in other cases it'll lead to unemployment. And that's a major concern.''