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Shovels Down

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Construction spending in NYC totaled $27.4 billion in 2011, a 3.5 percent drop from 2010. Since the peak in 2007, construction spending has fallen 12 percent. As for the future, the New York Building Congress has a bit of a good news/bad news outlook for the industry. Good news: construction spending is projected to hit $28.8 billion this year. Bad news: it will then fall to $25.1 billion in 2013. [CurbedWire Inbox]