New York City – The building boom will not top out until 2010 or 2011 despite the ailing economy because so many billion-dollar public and private projects are under way, a panel said on Monday.
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Wall Street is the sun around which the city’s economy revolves, but private developers and public agencies have planned $51 billion of projects over the next four years, according to the blue-ribbon panel’s report for New York state’s Metropolitan Transportation Authority.
“The projects presently in the pipeline … that are just starting are going to continue for a couple of years. It’s not something that’s going to end in 2008 or 2009,” James Jones, co-chairman of the MTA panel, told reporters. [reuters]