Value of construction starts up 187 percent

The value of New York City construction projects started rose 187 percent year-over-year
in May, with $2.04 billion worth of construction starts, according to
an analysis from the New York Building Congress. May 2008 saw $712 million worth of construction
starts. The amount of construction starts in May 2009 totaled as much
as in the previous four months of 2009 combined, which saw $2.05
billion worth of construction projects. In the first four months of
this year, construction began on an average of 460 residential units
per month, compared to 2,700 per month in 2008. The construction starts
analyzed in the report include new projects as well as alterations and
renovations to existing buildings. TRD