Report: Construction spending to decline sharply in New York in 2009
The New York area showed resilience in construction spending in 2008, but economic weakness is expected to send construction starts falling 19% next year, according to a new McGraw-Hill Construction report. The report predicted that nonresidential construction starts in 2009 will decline 21% to $11.6 billion. Meanwhile, non-building construction will fall 28% to $6.9 billion. Crain's New York Business (12/29)