NEW YORK CITY—The value of construction starts here reached $32.2 billion in 2016, a decline of 22% from 2015, according to a newly released New York Building Congress analysis of construction data from Dodge Data & Analytics.
While the overall value of last year's construction starts is down from $41.1 billion in 2015, the 2016 total easily outpaced the annual average of $24.1 billion in construction starts achieved during the five-year period stretching from 2011 through 2015.
“Despite our inability to match the epic pace of new project starts achieved in 2015, private sector developers and real estate investors maintained their incredibly bullish outlook on New York City in 2016,” says New York Building Congress president and CEO Carlo A. Scissura.
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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.
