NYC Construction Spending Jumped 26% in 2014

Residential construction led the 2014 surge with a 73% increase while nonresidential construction experienced a 20% increase

April 30, 2015

Bloomberg Business

Led by a record amount of residential building — especially luxury housing — New York City construction spending increased 26 percent in 2014 to $36 billion, according to the New York Building Congress. Spending on residential construction alone saw a 73 percent surge to $11.0 billion. Nonresidential construction spending climbed 20 percent to $9.8 billion in 2014 - the first increase since 2010.

In addition to a rise in spending, NYC construction employment also rose about 2 percent to 122,975 jobs, which is the most jobs the NYC construction industry has had since 2008.

(more on the NYC construction surge...)

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