New York City has been in the middle of a construction boom since October of 2012, with an estimated $20 billion worth of renovation and construction projects breaking ground in that five year stretch.
The New York Building Congress reported that houses of worship, cultural centers, hospitals, and schools broke ground on $4 billion worth of these projects in the first nine months of 2017 alone, surpassing 2016’s total of $3.6 billion. If construction projects keep up this pace for the rest of the year, it could break the $4.6 billion paid by city institutions in 2015.
Part of this surge in construction can be attributed to New York Governor Andrew Cuomo’s commitment to invest $100 billion in improvements to infrastructure, as well as a commitment to education and a growing demand for services throughout the city.
“Population growth, record levels of tourism, and the extraordinary popularity of New York City as a home for education and culture are requiring institutions to rapidly modernize and enhance their facilities,” said New York Building Congress president and chief executive Carlo A. Scissura.
Some of the major projects started in 2017 include:
- Brearley School construction of a second building on the Upper East Side
- Columbia University’s new Manhattanville campus and new two-building business school
- NYU breaking ground at 181 Mercer Street
- Mid-Manhattan Library’s $200 million renovation
- Jacob K. Javits Convention Center’s $1.2 billion expansion
Just under half of the construction projects begun in the past five years were renovations, with the rest being ground-up builds. Scissura stated that he’s happy to see the investment in public schools, but would like to see other areas receive the same kind of financial attention.
“The de Blasio administration and the School Construction Authority have done a terrific job of investing in public schools throughout the five boroughs – as have our institutions of higher education,” Scissura said. “However, as a city, we will have to encourage sustained investments in critical parts of our institutional market, particularly our vital healthcare network and cultural venues, to meet the needs of our still-growing economy.”