A Construction Outlook report recently released by the New York Building Congress shows spending on construction projects in the city are slated to hit a staggering $61.5 billion by the end of the year. When it does, it’ll be a record high.
The record-setting pace is a 25% increase over construction spending in 2017, when annual spending on construction projects in the city amounted to just under $50 billion. According to the NY Building Congress report, that substantial spike is being driven largely by expanding non-residential construction.
Here are some details about the report:
- According to the “Construction Outlook” report, spending on non-residential construction projects increased dramatically in 2018. This includes construction on things like office buildings, hotels, institutional development, and entertainment venues throughout the city.
- Come the end of the year, non-residential construction spending is expected to reach $39 billion. In 2017, that figure was just $23.5 billion.
- At the end of 2018, an additional 39 million gross square feet of non-residential construction will have been added by developers. Projections suggest roughly 30 and 23.5 million gross square feet will be added in 2019 in 2020, respectively.
- Spending on development of infrastructure and transit initiatives is also up. The city and the MTA are projected to spend a combined $16.3 billion by the end of the year. Construction under the Public Authority on capital projects and government spending for “public works” such as bridges, roads, mass transit, and other infrastructure could add an additional $19.5 billion by the end of 2018 – over 30% more than what was spent in 2017.
- Construction spending on residential development, which includes new construction and alterations and renovations to existing buildings, is also expected to increase conservatively to $14 billion by the end of 2018, compared to $13.2 billion in the previous year. Forecasting shows 60,000 additional new housing units will be created between 2018 and 2020.
Overall, the report shows construction spending in NYC increased across the board in nearly every sector, providing those in the industry with a veritable boom for growth and economic prosperity. That increase also translated into more construction jobs, with annual industry employment rates increasing for the seventh year in a row, and surpassing 150,000 jobs for the second consecutive year.
Construction Boom & Construction Accident Risks
The construction boom is being viewed as a positive trend by developers, contractors, and the city. While that may be true for many workers as well, some advocates and union organizations are still aware of the potential risks it may create. As developers and contractors work aggressively to take advantage of the boom, experts are hopeful their zealousness won’t compromise the safety of construction workers, or increase risks of construction accidents.
As a firm that has been representing injured victims and workers throughout New York City and the Empire State since 1983, The Perecman Firm, P.L.L.C. has seen how a focus on profits can and often does come at the expense of safety. In the construction industry, this may result from various shortcuts taken by developers and contractors, the hiring of untrained or inadequately trained workers, workplace safety violations, and a general increase in the chances error, negligence, and other factors will lead to accidents and injuries.
While we are hopeful the growth being enjoyed by the construction industry will not affect the safety of workers, we know there are always risks on construction sites. Should those risks cause injuries to workers, harm to passerby, or the death of any victim, our award-winning attorneys are ready to provide our immediate support and representation. Learn more about your rights following a construction accident, whether you may have the ability to pursue a workers’ comp or personal injury claim, and how our firm can help by calling (212) 577-9325 or completing an online case evaluation form. Consultations are free and confidential.