You may not being seeing many changes to the city’s skyline for awhile.

According to the New York Times, nearly $5 billion in development projects have been either delayed or canceled because of the country’s financial woes.

That includes construction of new luxury high-rises, renovations for major banks and new hospital wings.

A researcher for the nonprofit Urban Land Institute tells the Times the construction slowdown means the city skyline will likely remain as is for at least two years.

The sagging economy isn’t just affecting new construction in New York City.

According to the Times, developers nationwide are having trouble getting the loans they need for their projects.

The paper says the growth rate in construction this year is a mere .08 percent, compared to 11.3 percent last year, and 25.7 percent the year before.

Fewer construction projects also means fewer people are working in the industry.

Labor statistics show unemployment numbers in October were up by more than 50 percent compared to last year.

(Source: NY1)