Report: NYC Construction Dropped 12 Percent This Year
WASHINGTON - OCTOBER 04: Former U.S. President Jimmy Carter (C) participates in building a home during the kick off of an all-week construction project to mark the World Habitat Day and the annual Habitat for Humanity Carter Work Project October 4, 2010 in the Ivy City neighborhood of Washington, DC. Carter was recently released from an Ohio hospital after being treated for a viral infection. Under the project a total of 86 homes will be built, rehabilitated or repaired in Washington, D.C.; Baltimore and Annapolis, Maryland; Minneapolis and St. Paul, Minnsota; and Birmingham, Alabama. (Photo by Alex Wong/Getty Images)
Updated at 1:30 PM EST on Tuesday, Oct 26, 2010
A business group says the economic downturn is still having an effect on New York City's construction industry.
The New York Building Congress says construction spending in the city dropped 12 percent in 2010.
It estimated that by year's end, the city will have lost 16,000 construction jobs since 2008.
But the group is forecasting better times ahead.
It predicted in a report Tuesday that the industry will rebound next year and experience healthy growth in 2012.
But that growth is largely contingent on the Metropolitan Transportation Authority going ahead with $7.6 billion in transit projects it has planned for 2012.
By the group's estimates, the cash-strapped agency would account for a quarter of all construction spending in the city that year.
Published at 1:15 PM EST on Oct 26, 2010
Copyright Associated Press