Public and private institutions kicked off $4.6B in construction projects last year: report

The volume is the biggest seen since 2009

New York /
Nov.November 02, 2016 07:00 AM

Public and private institutions initiated $4.6 billion worth of construction projects last year, the highest seen in New York City since at least 2009.

According to the latest report by the New York Building Congress, construction projects started by public and private institutions — including schools, hospitals, cultural facilities and courts — reached a seven-year high last year. Project starts increased by 22 percent from 2014, when $3.8 billion worth of projects were started. The report also notes that public and private construction starts totaled $26.1 billion over the last eight years — from July 2008 to June 2016. Of that volume, $9.6 billion was for school projects and $8 billion was for hospitals and healthcare facilities.

Construction starts in the first half of 2016, however, only reached $1.4 billion, less than half of the construction started during the same time period last year. But, according to the report, last year’s numbers were boosted by the construction of a few major projects, like the Memorial Sloan Kettering Cancer Center on the Upper East Side. Plus, last year’s numbers far outshine the construction starts in previous years — the value of construction starts only reached $796 million in the first half of 2014 and $1.2 billion in the first half of 2013.

The organization also points out that many of the biggest projects started this year are located in the outerboroughs, including the South Beach Psychiatric Center inpatient facility on Staten Island, which is valued at $180 million. In previous years, the biggest institutional construction projects were located in Manhattan.

“It is interesting to note that so many of the larger institutional projects undertaken in early 2016 are happening in the outer boroughs,” Richard Anderson, the Building Congress’ president, said in a statement. “This is a potential trend that is worth keeping an eye on, especially in light of all the new residential and commercial development we are seeing throughout Brooklyn, Queens, the Bronx and Staten Island.”


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Nile Niami and "The One" mansion (Getty)

Country’s most outrageous spec home to hit market

Country’s most outrageous spec home to hit market
Slate Property's CEO Martin Nussbaum (West End 87)

Scale Lending originates $38M inventory loan for unsold UWS condos

Scale Lending originates $38M inventory loan for unsold UWS condos
Council member Barry Grodenchik (Getty; iStock)

“Absolute craziness”: Critics slam bill requiring sprinklers in every apartment

“Absolute craziness”: Critics slam bill requiring sprinklers in every apartment
Shenzhen New World chairman Wei Huang and José Huizar (Getty)

“Casino Loyale”: Developers, ex-LA deputy mayor indicted in Huizar corruption scandal

“Casino Loyale”: Developers, ex-LA deputy mayor indicted in Huizar corruption scandal
Knotel CEO Amol Sarva (Sasha Maslov, Knotel, iStock)

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel
arrow_forward_ios

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

Loading...