A surge in construction spending by private developers, especially for large residential projects in Manhattan and Brooklyn, is expected to drive total spending up 10% to $31.5 billion this year, the first time construction spending has topped $30 billion since 2010, according to the New York City Building Congress.
Construction activity is anticipated to continue its growth through next year, to around $33 billion. That is just 3% below spending levels in 2007, when adjusted for inflation.
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