Construction grows!!

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Home / News / Real Estate / New York-area construction leads US

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New York-area construction leads US

The New York metropolitan area led the nation with $17.3 billion in commercial and multifamily construction starts in the first half of 2015, according to a study from Dodge Data & Analytics.

The number of construction projects that broke ground in the New York metro area from January through June was up 72 percent from a year ago.

New York metro construction far outperformed the number two ranked metropolitan area which was Miami with $3 billion in construction starts, up 38 percent from a year ago. The rest of the top metropolitan areas in construction starts included Washington D.C. with $2.4 billion, down 15 percent; Boston with $2.2 billion, an increase of 21 percent; and Seattle with $2.1 billion, up 49 percent from a year ago.

Nationwide, commercial and multifamily construction starts during the first half of 2015 were reported at $73.2 billion, up 13 percent from a year ago. Commercial and multifamily construction is comprised of stores, warehouses, office buildings, hotels, garages and service stations, and multifamily housing.

Large commercial building projects that began during the first half of 2015 in the New York metro area included two structures at the Hudson Yards development on Manhattan’s West Side: the $1.2 billion 30 Hudson Yards office/retail tower and the $400 million 55 Hudson Yards office tower. Other large building projects that broke ground in the first six months of the year included the $575 million 1 Manhattan West project; the $200 million South Street Seaport Pier 17 retail center; and a $150 million tenant install at 10 Hudson Yards.

There were also 24 multifamily projects valued at $100 million or greater that reached groundbreaking in the New York metropolitan area during the first half of 2015, led by a $600 million apartment building at 1800 Park Avenue, a $500 million apartment building at 109 W. 57th St., and a $500 million addition to Flushing Commons in Queens.