City’s construction starts stabilize in third quarter, analysis shows

New York City saw $3.9 billion worth of construction starts in the third quarter of 2009, according to a new analysis by the New York Building Congress. In an indication of stabilization in the building sector, that number remained roughly in line with the second quarter’s $4.1 billion in construction starts, a jump from the city’s dismal $1.8 billion showing in the first quarter. The city had $5.3 billion in starts during the third quarter of 2008. The third-quarter 2009 figure, which reflects both new projects and alterations and renovations to existing structures, is the strongest of the year for residential construction, the analysis shows. Though the 907 units that broke ground during the quarter were still far off from the 3,206 that did so in the third quarter of 2008, the number surpassed the 506 units that saw construction begin in 2009’s second quarter. Nonresidential construction starts, valued at $784 million per month, on average, were slightly down from the $829 million per month in the quarter earlier but still improved over the $364 million per month in the first quarter. Schools, libraries and labs made up 35 percent of those nonresidential projects; offices and bank buildings made up 28 percent. TRD