Lead by massive construction projects such as Hudson Yards, the New York Building Congress is reporting New York City's new construction has reached $40.9 billion in 2015 — a 53% increase compared to 2014. Residential construction starts saw a 62% increase from 2014 while nonresidential construction starts were up 65%.
However, construction starts in the public works sector — which dropped for the second year in a row — and infrastructure decreased by nearly 11% compared to 2014.
The majority of the new construction projects are residential, but the top three by value were major office developments.
Uncertainty about property tax abatements and a slowdown of the ultra-luxury residnetial market could stall further growth for NYC.
(more on NYC's increase in new construction starts...)
