Approximately 55% of the cultural projects over the past five years were initiated by cultural institutions located in Manhattan. Brooklyn was next with 30%, followed by Queens at 9%, Staten Island with 4% and 2% in the Bronx.

Museums and historic houses accounted for $584 million (approximately 46%) of cultural construction starts between 2010 and 2014. In addition to the Whitney's new home, some of the more notable investments during the five-year period included the Queens Museum of Art expansion in 2011, the Cooper-Hewitt Design Museum upgrade in 2010, and the plaza renovation of the Metropolitan Museum of Art in 2012.

Public and private theaters, a category that excludes those located within educational institutions, ranked second with $220 million in construction starts. According to the data, Brooklyn was home to four of the top five theater projects, highlighted by the 2013 renovation and expansion of the former Loew's Kings Theatre in Brooklyn and construction of a new home for the Theatre for a New Audience in the Brooklyn Academy of Music cultural district.

Centers of culture and performing arts initiated approximately $218 million in construction starts over the past five years. Highlights include major renovations to Carnegie Hall, the redevelopment of the Park Avenue Armory, and multiple projects at the Snug Harbor Cultural Center on Staten Island.

Botanical gardens/zoos/aquariums generated $180 million in construction starts, largely due to the start of construction for the New York Aquarium's $157 million shark exhibit early in 2014.

One area where investment seems lacking is the city's library system, which has more than 200 branches throughout the five boroughs. For the five-year period, just $52 million in construction projects were initiated, and about half of that total was devoted to one project: construction of a new public library in Elmhurst, Queens, which is expected to open later this year.

An additional $21.4 million in investments were made by owners and operators of a range of art studios and galleries, as well as dance and music studios.

The outlook is bright for continued investment by cultural institutions in New York City. Major upcoming projects include a $500 million renovation of Avery Fisher Hall, the American Museum of Natural History's $325 million addition, and the New York Public Library's $300 million renovation of its main branch. In addition, both the Frick Collection and the Museum of Modern Art are in the planning stages for additions. Upgrades also are planned for the historic music hall at Snug Harbor on Staten Island, the Bronx River Art Center, and the Brooklyn Museum.

In addition, work is slated to begin later this year on the $360 million Culture Shed at Hudson Yards and an architect is in the process of being selected for a World Trade Center performing arts center.

“New York City's vast trove of cultural resources is a key component of New York's attractiveness to businesses, visitors, students and potential residents from around the world," Anderson adds.