NYC is set to break records for new construction projects in the history of the city in 2018. The New York Building Congress recently released a new report that estimates construction spending for this year is likely to hit $61.8 billion, a 25 percent jump from 2017 when construction spending hit $49.3 billion.
A considerable portion of this spike is tied to non-residential construction across the city, including new and renovated institutional developments, entertainment venues, hotels, office spaces, and more. According to the report, $39 billion worth of these new projects are non-residential, compared to the $23.5 billion the previous year.
“Non-residential construction is forecasted to add an additional 39 million gross square feet in 2018—a record high—followed by 30.4 million gross square feet in 2019 and 23.4 million gross square feet in 2020,” the report said.
While the non-residential growth is expected to slow down over the next couple of years, the New York Building Congress still expects $53.8 billion in these projects over the next two years. Residential construction – expected to hit $14 billion this year compared to $13.2 billion last year – is expected to grow a bit next year before dropping back down again in 2020 for a total of $25.2 billion over that span.
“Our new report shows growth in nearly every sector. This boom equals more jobs for New Yorkers and a stronger economy across the state,” said Carlo Scissura, the CEO and President of the New York Building Congress.
This growth has the chance to help reshape and improve the city, but no matter how profitable the projects may be, they cannot be pursued without also keeping in mind the safety of the workers putting in the hours to complete the work. The Perecman firm is committed to providing injured workers with the legal representation they deserve to secure the compensation they deserve. You can reach us at (212) 577-9325 to speak with one of our NYC construction accident lawyers over the phone, or fill out our online form to schedule a free case evaluation today.