New York City has enjoyed a considerable building boom in recent years. In fact, a recent report from the New York Building Congress shows spending on construction projects in NYC reached an estimated $61.5 billion in 2018 – a record high and a 25% in construction-related spending over the previous year. The most dramatic increases were seen in non-residential construction, but residential and infrastructure projects also saw considerable growth in comparison to previous years.
Many of the trends behind the City’s record-setting construction spending numbers may continue to drive the industry and its growth in 2019, as well as downsizing in certain sectors. As a recent article published by Reality Biz News notes, there are a few construction trends to watch out for this year:
- Residential construction cool down – Roughly $16 billion was spent on residential and housing construction projects in New York last year, a modest increase over the $13.2 billion spent in 2017. With forecasts showing a conservative 60,000 additional new housing units being added in the three-year period between 2018 and 2020, a cooled-down market keeping prices stagnant, community pushback on over-development, and other factors impacting the housing market nationwide, experts believe there will be a slow-down in housing projects in NYC this year. Developers are much more likely to selectively choose contracts, and may focus on different types of housing projects in order to maintain profitability in the coming year.
- Boosts from solar power and renewable energy – Renewable energy has become a bigger focus for consumers and lawmakers alike. With New York leading the national trend in new solar panels and other sources of clean energy, investing an additional $1.3 billion in such projects this year alone, the construction industry is likely benefit from government funding boosts, as well as increased efficiency of the technology being used. Industry experts say growth in solar and renewable energy will be a trend to watch for in both residential and commercial construction, and will also drive the need for more experienced engineers and experts to support these complex projects.
- Infrastructure growth – Even well-constructed projects will succumb to the inevitable deterioration that accompanies the passing of time, which means a constant supply of work for developers and others in the construction industry. That’s especially true for infrastructure, which takes considerable abuse in a city as big and bustling as New York. With his latest proposal, Governor Andrew Cuomo has outlined a plan for spending $100 billion on thousands of infrastructure projects to improve roads, tunnels, and bridges, modernize airports, and attend to other public needs. Though these major projects mean more money for developers, they may also increase risks for workers.
- Commercial projects – Commercial construction is expected to continue its booming trend with a number of projects involving hotels and hospitality, industrial complexes, shopping centers, and other endeavors in 2019. Manhattan, the City’s most recognizable and densely populated borough, is likely to enjoy much of the commercial construction boom, with world-class businesses, financial corporations, and multi-national media conglomerates driving the need for new and renovated construction. Experts say construction companies need to be on the lookout for new enterprises in the commercial sector amid a rebounding economy, especially when it comes to various large businesses with eyes on expansion in the NYC area.
- Office development – New York City may see its largest trending growth in the development of office space and commercial office buildings. Statistics from the New York Building Congress show office construction is at a 30-year high, and isn’t showing any signs of slowing. Given the demand for new, expanding, and renovated office space, industry experts estimate that by the end of 2019, nearly 20 million square feet of office space will have been added to the City over the past decade. Should the trend continue, competitive and business savvy developers will be likely to seize available opportunities.
The Perecman Firm, P.L.L.C.: Proven NYC Construction Accident Attorneys with Decades of Experience
The Perecman Firm, P.L.L.C. is a proven personal injury and workers’ compensation law firm that has been helping clients throughout NYC and beyond fight their legal battles for over 30 years. During that time, we’ve seen how trends in construction have a direct correlation with construction accidents, and know that while growth and building booms have benefits for developers, construction companies, and our city, they can also mean increased risks for construction workers tasked with carrying out these projects. This is especially true with large-scale, high stakes, and time-based projects that create increased injury risks related to cranes and mega machinery, unsafe worksites and Labor Law violations, and more.
Having recovered more than $400 million in verdicts and settlements for our clients, including over 50 verdicts and settlements in excess of $1 million dollars for construction workers and families in the past 7 years alone, our award-winning lawyers have the insight needed to help injured victims following all types of construction-related accidents. Call (212) 577-9325 or contact us online if you have a potential case to discuss.