A new outlook report from the New York Building Congress shows construction spending on projects throughout the city will reach $83 billion, up $13 billion from last year. Spending over the past three years is now 18% higher than pre-pandemic levels.

But not all the news from the report was good. The report also found that construction of new residential units had a major drop off of about 62% this year, which the report says is largely due to the expiration of the 421-A tax benefit coupled with rising interest rates.

The report projects the city’s housing gap is expected to reach over half a million units by the end of the decade.

Carlo Scissura, the President and CEO of the New York Building Congress, joined NY1 political anchor Errol Louis on “Inside City Hall” Friday to discuss the report and more