Construction boom in New York stifled by financial sector job losses
New York – January 21, 2009 – McGraw-Hill Construction, part of The McGraw-Hill Companies (NYSE: MHP), has released the 2009 New York Construction Outlook. The broad outlines of construction in the New York metropolitan area, which includes the New York City boroughs, Northern New Jersey, Long Island, and counties north of the city (Westchester, Putnam and Rockland), show a severe decline in total construction: 19% to $26.7 billion.
Highlights of the report conclude:
- 32% drop in commercial and industrial construction is expected.
- Following 4% gains in 2008, non-building will retrench by a sharp -28% in 2009.
- Modest 6% decline in institutional construction is expected.
- Housing decline will begin to abate, dropping only 4% in 2009.
In addition to the 2009 forecast, the report provides in-depth construction analysis by major sector, as well construction starts for the area dating back to 2002 in more than 10 major categories, including stores and shopping centers, offices, hotels, manufacturing buildings, educational buildings, healthcare, public works, utilities, and multifamily and single family housing.
To purchase and immediately download a copy of the report, visit http://www.analyticsstore.construction.com or call 1-800-591-4462 for more information.
Media may contact Lisa Jaycox at 212-512-3272 or lisa_jaycox@mcgraw-hill.com for complimentary copies of McGraw-Hill Construction reports.
About McGraw-Hill Construction
McGraw-Hill Construction connects people, projects and products across the design and construction industry. For more than a century, the Company has remained North America’s leading provider of construction project information, plans and specifications, product information, industry news, and industry trends and forecasts. In print and online, the Company offers a variety of tools, applications, and resources that easily integrate with its customers’ workflows. Backed by the power of Dodge, Sweets, Architectural Record, Engineering News-Record (ENR), GreenSource and 11 regional publications, McGraw-Hill Construction serves more than one million customers within the $4.6 trillion global construction community. To learn more, visit www.construction.com.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands including Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were $6.8 billion. Additional information is available at www.mcgraw-hill.com.
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The McGraw-Hill Companies Information & Media
+1 212-512-3272
lisa_jaycox@mcgraw-hill.com
Kathy Malangone, Senior Director, Marketing Communications
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+1 212-904-4376
kathy_malangone@mcgraw-hill.com
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