NEW YORK CITY-Sparked by a sharp increase in new residential projects, New York City construction starts reached $16.1 billion in 2012, a 5% increase from 2011, according to a New York Building Congress analysis of McGraw-Hill Construction Dodge construction data.
Residential construction starts reached $5.1 billion in value in 2012, a 54% increase from 2011, when construction starts reached $3.3 billion, and more than double the total ($2.3 billion) for 2010.
“The strength of the NYC residential market continues to impress,” Richard Anderson, NYBC president, tells GlobeSt.com. “It fell off the cliff in late 2008, after we were in excess of 30,000 a year for five straight years and then in 2009 we had 6,000. This year it could reach 15,000.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
