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Construction spending will reach $61.5 billion in 2018, a new record high for the city, according to the Construction Outlook 2018–2020 report produced by the New York Building Congress (NYBC) and the New York Building Foundation. The report states this spending reflects a 25 percent increase from last year. However, construction spending is expected to dip to $59.3 billion in 2019 and $56.4 billion in 2020.
