The Real Deal New York

Posts Tagged ‘Construction Spending’

  • Average employmentIt’s a common complaint among developers: high wages for construction workers in New York City are driving up development costs and making projects unfeasible. Now a new report by the industry trade group New York Building Congress (NYBC) puts that claim in doubt. [more]

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  • From left: Richard Anderson, 432 Park Avenue and a rendering of 3 World Trade Center (credit: Silverstein Properties)

    From left: Richard Anderson, 432 Park Avenue and a rendering of 3 World Trade Center (credit: Silverstein Properties)

    Spending on residential construction in New York City rose sharply to an all-time record of nearly $12 billion last year, according to a new report. Those dollars, however, produced only about two-thirds of the units that were created during the peak years of the previous building boom. [more]

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  • Funding frenzy

    April 27, 2015 01:20PM
    Investment and private equity funds are pouring money into South Florida projects this cycle.

    Investment and private equity funds are pouring money into South Florida projects this cycle.

    From the South Florida Market Report: While some banks are taking a conservative approach when it comes to construction lending, investment and private equity funds are increasingly putting capital into projects to fill the gaps in the current real estate cycle.

    International investors have also stepped up this time around, sinking their money deep into South Florida’s soil, flooding the area’s new projects with funding and helping to fuel the current development boom, real estate experts say. [more]

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  • From left: Cornell Tech rendering and NYU College of Nursing at 433 First Avenue rendering

    From left: Cornell Tech rendering and NYU College of Nursing at 433 First Avenue rendering

    Colleges and universities in New York City are projected to spend nearly $10 billion on new construction and renovations during a five-year period, according to a new report from the New York Building Congress. [more]

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  • From left: Baccarat Hotel and Residence construction and Richard Anderson

    From left: Baccarat Hotel and Residences construction and Richard Anderson

    Residential construction spending will likely hit a new record this year, but far fewer New Yorkers stand to benefit from the building than in the past.

    The New York Building Congress estimates in a new report that builders will spend $10.2 billion this year, up from $6.8 billion last year. Those outlays will create just 20,000 new units, compared with a pace of 30,000 homes per year achieved in past cycles. [more]

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  • 20140709_1-Vanderbilt

    1 Vanderbilt renderings

    A building boom is under way in major markets as Real Estate Investment Trusts increasingly invest in new developments rather than pay inflated prices for existing properties.

    Office REITs plan to spend nearly $11 billion on new proje­cts, primarily in New York and San Francisco, Bloomberg News reported. That’s the largest investment in at least a decade, according to data from Green Street Advisors. [more]

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  • Construction crane

    Construction crane

    Employment in New York City’s construction sector hit a five-year peak in 2013, while spending on residential construction was the highest in decades, according to a report from the New York Building Congress.

    Overall, construction spending hit $29.3 billion last year, up 6 percent from $27.7 billion 2012. Residential spending in particular surged, rising 36 percent to $7.3 billion from $5.3 billion the previous year, even when accounting for inflation. [more]

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  • U.S. construction spending ticked up in the month of November, buoyed by growing private-sector demand to build homes. [more]

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  • Construction employment and spending, 1960-present

    Construction employment and spending, 1960-present

    Construction payrolls climbed for the sixth-straight month in November, reaching a preliminary estimate of 5,851,000. That’s a 17,000-job gain from October’s 5,834,000 print, and the highest level since August 2009. [more]

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  • U.S. construction spending was nearly flat for the month of October, lifting only slightly over the previous month. Construction spending reached a seasonally adjusted rate of $908.4 billion in October, a 0.8 percent increase over September’s $901.2 billion and 5.3 percent over the $863.1 billion seen in October 2012, according to U.S. Census Bureau data released today. [more]

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  • One World Trade Center

    1 World Trade Center under construction, one of the projects buoying spending

    Construction spending soared in the boom days of 2007, but those numbers are peanuts compared to what we’re on track to see this year. [more]

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  • Residential real estate sent U.S. construction spending soaring to a four-year high in July. The U.S. Department of Commerce reported today that spending rose 0.6 percent compared to the previous month – the most since June 2009 – to $900.8 billion annually. More than 50 economists projected an increase of merely 0.4 percent. [more]

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  • Construction site

    Construction site

    Thanks to upswings in commercial and residential development, New York City construction spending is expected to post a 6.2 percent annual gain to $32 billion in 2013, according to a release from the New York Building Congress. Moreover, the total is expected to rise to $37.3 billion in 2014, which would be 2 percent shy of the 2007 peak, when adjusted for inflation. [more]

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  • Fulton Street Transit Center

    Despite the office slump, the New York City construction industry is on the upswing because of more government spending, post-Sandy repairs and an infusion of cash for the Metropolitan Transportation Authority, GlobeSt.com reported.

    While the New York Building Congress initially predicted that the city’s capital spending would total $8.7 billion through next year, it now projects that figure to be closer to $9 billion. Sandy repairs also have created $2 billion to $3 billion in temporary construction work. That spending will be more enough to even out the dip the in the office sector, said Richard Anderson, president of the Building Congress. [more]

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