According to a new report from Dodge Data & Analytics the value of New York City construction starts rose substantially in 2015. Thanks to a huge uptick in major residential development projects and the start of three major office towers, the total dollar value of all construction projects started in the five boroughs reached $40.9 billion in 2015. This represents a 53 percent increase over 2014 when construction starts totaled just $26.7 billion and more than double the $19.9 billion in starts realized in 2013. Fifty three percent of the increase building has come from the private sector.
The total square footage from these project will top 83 million sq ft, up from 45 million square feet in 2014. Approximately 58 million sq ft involves residential construction, up from 33 million sq ft in 2014. The data used from the report reflects all project starts, including new ground-up construction as well as alterations and renovations to existing structures. The data encompass the estimated value and square footage of each initiated project throughout the entire construction process.
