The Real Deal New York

Posts Tagged ‘Construction Spending’

  • 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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