Los Angeles is in the midst of its biggest construction boom since the 1980s, and possibly the biggest boom in the city's history, according to the Department of Building and Safety. Spending on new development, remodels and room additions in LA is expected to reach $7 billion by the end of the fiscal year.
The rise started in 2012 and is predicted to continue through 2016. During that time, commercial spending doubled between 2013 and 2014 from $1.47 billion to $3.03 billion. Spending can be attributed both to the types of buildings being constructed — LA currently has 28 hotels projects under construction — as well as higher wages and more expensive materials.
