New York City construction falls sharply in first half of year

TRD NEW YORK /
Aug.August 23, 2011 12:43 PM

Around $6.4 billion worth of construction projects were started in the first half of 2011, a nearly 40 percent decline from the first half of 2010, when construction starts reached $10.6 billion, New York Building Congress’ analysis of McGraw-Hill Construction Dodge data covering January through June shows.

The McGraw Hill data encompasses all new construction as well as alterations and renovations to existing structures.
Construction starts in the non-building sector — bridges, highways and mass transit — fell by 38 percent, from $1.7 billion in the first six months of 2010 to $1 billion during the same period this year. Construction starts in the residential sector dropped to $840 million in the first half of 2011, compared to $1.3 billion in the first half of 2010.

Construction starts in the non-residential sector, which had been aided in 2010 by the start of the World Trade Center Transit Hub, Barclays Arena and the renovation of Madison Square Garden, fell 40 percent — to $4.6 billion from $7.6 billion.

The $1.2 billion expansion of Terminal 4 at JFK Airport was, by value, the largest single construction start during the first half of 2011. The project accounted for more than one-quarter of all non-residential building starts in New York City. — Katherine Clarke


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