A construction site

In 2011, $13.8 billion worth of construction projects began, a decline of 31 percent from 2010, when $20 billion in projects began, according to numbers released from the New York Building Congress today.

The reason for the decline was a 39 percent drop, to $8.4 billion, in work on non-residential buildings such as offices, hotels, schools, hospitals, transit stations, power plants and other institutional buildings, the report says. This was a marked departure from the numbers in 2010, when construction on such buildings grew by 41 percent, to $13.7 billion. [more]

The New York City Department of Buildings issued residential permits for only 6,057 units in 1,014 buildings in 2009, marking an 82 percent drop from the number issued in 2008, when DOB granted permits for 33,911 units in 2,434 buildings. Declines in the number of permits issued were most pronounced in Manhattan and Brooklyn, which saw drops of 86 percent and 92 percent, respectively, according to DOB data. [more]

Both residential and commercial construction has declined dramatically
this year, according to a report released today by the New York
Building Congress. The coalition projects that just 6,300 new
residential units will be constructed in the city this year, after five
consecutive years in which 30,000 or more residential units were
constructed. Total residential construction spending this year is
expected to amount to $3.5 billion, down 44 percent from 2008, which
reached $6.3 billion, the report, “New York City Construction Outlook
2009-2011,” says. The report projects a similar outcome for non-residential construction this year. Non-residential construction spending will hit $6.9 billion this year, the report says, marking a 38 percent decline from the 2008 spending, which was $11.1 billion. Even so, the report claims that spending and employment in the construction industry are likely to stabilize in the next two years. While construction spending in 2009 is expected to reach just $25.8 billion, marking a 20 percent decline from 2008, employment is expected to decline only 8.3 percent this year, according to the report. Spending is expected to remain steady through 2010 and 2011, reaching $25 billion and $25.6 billion, respectively, the report claims. TRD [more]