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

TRD New York /
Nov.November 24, 2009 09:32 AM

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


Related Articles

arrow_forward_ios
Pandemic may wipe out $16B in construction spending: report

Pandemic may wipe out $16B in construction spending: report

Pandemic may wipe out $16B in construction spending: report
Trade group calls for 24-hour construction to reboot cities

Trade group calls for 24-hour construction to reboot cities

Trade group calls for 24-hour construction to reboot cities
Tonight’s TRD Talk: Facing a construction crisis

Tonight’s TRD Talk: Facing a construction crisis

Tonight’s TRD Talk: Facing a construction crisis
New York Building Congress President & CEO Carlo Scissura (Credit: Getty Images, iStock)

Construction spending expected to hit nearly $190B between 2019 to 2021: report

Construction spending expected to hit nearly $190B between 2019 to 2021: report
City on track to meet mayor’s affordable housing goals: NYBC report

City on track to meet mayor’s affordable housing goals: NYBC report

City on track to meet mayor’s affordable housing goals: NYBC report
Construction starts picked up in 2017, thanks to large institutional and public works projects

Construction starts picked up in 2017, thanks to large institutional and public works projects

Construction starts picked up in 2017, thanks to large institutional and public works projects
Building Congress president just paid $2.2M for this Bay Ridge home

Building Congress president just paid $2.2M for this Bay Ridge home

Building Congress president just paid $2.2M for this Bay Ridge home
Real estate CEOs to lobby Trump on Gateway tunnel

Real estate CEOs to lobby Trump on Gateway tunnel

Real estate CEOs to lobby Trump on Gateway tunnel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...