The website Real Estate Weekly is reporting that the value of New York City construction starts skyrocketed in 2015.
The website Real Estate Weekly is reporting that the value of New York City construction starts skyrocketed in 2015, fueled by a continued wave of major residential development projects and the start of three major office towers, according to a New York Building Congress analysis of construction data from Dodge Data & Analytics.
The total dollar value of all construction projects initiated in the five boroughs reached $40.9 billion in 2015, a jump of 53 percent from 2014 when construction starts totaled $26.7 billion and more than double the $19.9 billion in starts realized in 2013.
From start to completion, these construction projects will encompass 83 million square feet of new and existing floor space, up from 45 million square feet in 2014. Approximately 58 million square feet involves residential construction, up from 33 million square feet in 2014.
The current boom in building activity is being driven in large part by the continued growth in new, ground-up construction projects, which accounted for 76 percent of all residential and non-residential construction starts in 2015, compared to 24 percent for alterations and renovations (A&R) of existing spaces. New construction accounted for 66 percent of all project starts by value in 2014 and 58 percent in 2013. In 2012, A&R outpaced new construction with 52 percent of the starts by value.
The data used in this report encompass all project starts, including new ground-up construction as well as alterations and renovations to existing structures. The data reflect the total estimated value and square footage of each initiated project throughout the entire period of construction.
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