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NYBC: Cultural Venues Invested $1.3B in Construction

NEW YORK CITY—From 2010 until last year, famed institutions across the city's five boroughs spent considerable funds on new construction, renovation and alteration, according to a new report.

By Rayna Katz | Updated on January 28, 2015

NEW YORK CITY—One of the city’s key underpinnings—its large network of iconic cultural institutions, initiated $1.3 billion in new construction, renovation and alteration projects from 2010 to 2014. In addition to restoring and improving existing facilities, these investments also added nearly 700,000 square feet of new cultural space within the five boroughs, according to a New York Building Congress analysis of construction data.

Cultural construction starts reached $208 million in value in 2014, up from $142 million in 2013. The best year of the past half-decade was 2011, when projects totaling $491 million in value were initiated. The start of the Whitney’s new museum project largely accounts for that total. Construction starts reached $218 million in 2010 and $215 million in 2012.

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