December 26, 2015
New York, NY – During the first half of 2015 New York City construction starts reached $22.2 billion. This compared to $26.2 billion for all of 2014. Manhattan accounted for 53 percent of the construction starts by value, followed by Brooklyn at 24 percent and Queens at 16 percent. A total of $10.5 billion in residential projects was commenced in the first half of this year, compared to $11.9 billion for all of 2014 and $6.9 billion during 2013.
Over a five-year period stretching from 2010 through 2014, Manhattan accounted for 60 percent of the value of all construction starts, followed by Queens with 15 percent and Brooklyn at 14 percent. Lagging further behind were the Bronx at 6 percent and Staten Island at 5 percent. Manhattan also led the five-borough pack in terms of government-backed public works projects,
The dominant construction story over the past few years has been the rise of ultra-luxury residential towers in Manhattan,” said New York Building Congress President Richard T. Anderson. “In 2015, however, we are witnessing what appears to be a leveling off in Manhattan while momentum builds in Brooklyn and Queens. In fact, there is a better than even shot that this is the year that Brooklyn surpasses Manhattan at the top of the residential construction charts. Consider that in May and June of this year, building permits were issued for more than 13,000 residential units in Brooklyn compared to just under 8,000 in Manhattan.”