NEW YORK CITY-Two mega-development sites, a resurgent residential market and ongoing government infrastructure projects will drive area construction up to record levels this year and continue to spike through 2015, according to a new report by the New York Building Congress. The New York City Construction Outlook 2013-2015—prepared with support from the New York Building Foundation—promises boosts in activity across numerous sectors, leading also to an increase in construction employment.
“Since 2000, activity has tripled (not factoring in inflation), because today the city is an attractive place to invest in, to work, live and visit,” NYBC president Richard Anderson tells GlobeSt.com. “All of that is leading to construction activity, whether its in hotels, higher education institutions or other areas. That's what's so reassuring, [the construction increase] is a lot of everything.
The report estimates 2013 construction spending to reach $31.5 billion, a 14% increase from 2012 when construction spending reached $27.6 billion. Construction activity is expected to continue gaining momentum in the coming years—growing to $33.4 billion in 2014 and then $37 billion in 2015.
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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.
