New York City skyline/ Photo by Betsy Kim
NEW YORK CITY—New York City's construction costs have increased from 2017 to 2018 by approximately 5%. Nationally construction costs have risen by 3% to 4%, and similar to New York City have been on an incline since 2010. The New York Building Congress published its Construction Costs February 2019 report with these findings, other trends and their explanations.
“As New York's population and economy continue to grow, every sector of the building industry—commercial, residential, healthcare, education, cultural and infrastructure—remains robust, offering opportunity for both the labor force and contractors,” says Carlo A. Scissura, the organization's president and CEO. He points to the high costs of land and materials and regulations as the primary drivers of cost increases in 2018. He nonetheless adds, “While the cost of construction is high, the rewards for doing business in New York have never been greater.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
