NYC institutions spent $14.8B on construction in last five years

Educational facilities accounted for 61 percent of activity

New York /
Aug.August 07, 2013 06:00 PM

Private and public institutions in New York City initiated $14.8 billion in construction projects over the last five years, from June 2008 to May 2013, according to a release from the New York Building Congress.

Over that time, educational facilities accounted for 61 percent of new construction, or $8.9 billion. Of those, public elementary and secondary schools accounted for $5.9 billion, or 40 percent of construction starts, while public and private colleges produced $2.2 billion in new projects. Private elementary and secondary schools launched an additional $845 million.

“Lost in the recent discussion of Mayor Bloomberg’s legacy are his great achievements in repairing, modernizing and expanding New York City’s public schools,” said New York Building Congress President Richard Anderson. “Undeniably, the Mayor has left the physical condition of our schools in far better condition than he found them 12 years ago.”

Public and private hospitals and healthcare facilities accounted for $3.7 billion — or 27 percent — of all institutional construction starts during this five-year period, with cultural facilities launching another $1.1 billion, or 8 percent, of such projects. Court facilities, religious institutions and libraries each contributed less than 4 percent of all new construction over this period.

A total of $525 million in institutional projects began during the first five months of 2013, up slightly from $517 million in the same period during 2012. — Julie Strickland


Related Articles

arrow_forward_ios
From left: 2-10 54th Avenue in Long Island City, 355 Exterior Street in the Bronx and a rendering of 145 Wolcott Street (Google Maps, Arquitectonica, iStock)
Construction activity dips for fourth straight year: REBNY
Construction activity dips for fourth straight year: REBNY
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
arrow_forward_ios

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

Loading...