New York's Construction Industry Is Growing Rapidly
The construction industry has been a major beneficiary of New York's building rush of the past few years, according to a new study.
The New York Building Congress analyzed data from New York State's Current Employment Statistics and Quarterly Census of Employment and Wages, finding that construction worker wages increased at a greater rate in 2016 than in any year since 2007, from $76K to over $80K. The overall workforce involved in building construction saw a 9.1% spike in wages from 2015 to 2016.
Job growth in the construction sector was more rapid than in recent years, and the total number of construction workers in New York City cracked 140,000 for the first time in over 40 years. The growth from 139,000 to over 146,000 was the fifth straight year of increases, with at least one more increase predicted for 2017.
“Thanks to a virtually unprecedented building boom in both the residential and office sectors, the New York City construction workforce has grown by an impressive 30% over the past five years,” NYBC President and CEO Carlo Scissura said. “Just as importantly, about three-quarters of these well-paying jobs are going to residents of the five boroughs, further strengthening the city’s economy and tax base.”