New Construction In NYC Last Year Hit $40.9B
The total dollar value of construction projects initiated in NYC in 2015 was $40.9B, 53% more than 2014. That’s according to new numbers from the New York Building Congress released today.
The number for all of 2013 was $19.9B, meaning construction starts more than doubled in value in just two years. New projects last year accounted for about 83M SF of new space, with about 58M SF going to residential projects.
The boom’s made up mostly of ground-up projects, according to the NYBC. Just over three-quarters of all projects started last year were new, ground-up developments.
Manhattan dominated the list of the biggest projects by total value, with nine. Of those, no fewer than six are in the Hudson Yards district. The top three were all office buildings in that area: 30 Hudson Yards, 1 Manhattan West and 55 Hudson Yards.