April 17, 2016
By Stephanie West
New York, NY – Buoyed by construction projects at the collegiate level, and a spike in public school renovation projects, the value of construction starts by New York City schools reached $3 billion in 2015, according to a New York Building Congress analysis of construction data from Dodge Data & Analytics.
The $3 billion construction projects in
Educational institutions in the five boroughs, represents an 83 percent increase from 2014, when the value of initiated projects reached approximately $1.6 billion. The 2015 total is roughly double the annual average for the five-year period between 2010 and 2014.New ground-up construction accounted for approximately $1.3 billion of all project starts in 2015, compared to $450 million in 2014, $896 million in 2013, and $928 million in 2012. Alterations and renovations (A&R) to existing structures accounted for $1.6 billion in construction starts last year, $1.2 billion in 2014, $751 million in 2013, and $720 million in 2012.
Its significant to note that that the value of construction projects undertaken by New York City's 105 colleges and universities took a giant leap – from $379 million in 2014 to $1.3 billion last year. The 2015 total is four times greater than the annual average for higher education construction starts during a five-year period stretching from 2010 through 2014.
New York City's sprawling public elementary and secondary school system accounted for nearly $1.5 billion in construction starts last year, up from $1.1 billion in both 2013 and 2014.
New York City's private elementary and secondary schools initiated 83 projects with a total value of $240 million in 2015, a sharp increase from 2014 when 77 projects totaling $149 million.
"As the Building Congress documented in a 2014 report, the City is experiencing what appears to be a sustained building boom in the higher education sector," said New York Building Congress President Richard T. Anderson. "With increasing enrollment and multiple universities embarking on multi-year expansion plans, led by NYU and Columbia, New York's colleges and universities will continue to be a vital source of construction activity for many years to come."