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Much depends on the full funding of public capital plans which represent a significant portion of the forecast. After a banner year in 2005, during which $18.8 billion was spent on construction in New York City, spending is expected to reach $20.8 billion in 2006 and exceed $21 billion in 2007 and 2008, if all planned spending occurs. Significant office construction representing 10 million square feet of new floor space is expected to push annual non-residential construction to over $4 billion. Major office buildings under construction, such as the Bank of America tower and Goldman Sachs, account for about 75% of the City's total office development...
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