Construction starts of commercial and multifamily developments dropped by 31% in the first half of this year in NYC, compared with the same period last year.
The value of commercial construction starts in H1 2023 was $10.8B, compared to $15.5B in H1 2022, which represented a 22% surge over 2021, according to Dodge Construction Network data.
Despite the supply pipeline slowdown, NYC's construction starts far outpaced other major urban markets.
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