New York City, New Work: Residential Sector on the UpswingOctober 27th, 2022 by Editor
The New York Building Congress and New York Building Foundation have issued their joint, annual publication, the New York City Construction Outlook, for 2022-2024. Spending in the residential building sector in particular is forecast to increase nearly 70% in the next few years over the pre-pandemic period of 2017-2019.
The Construction Outlook shows the Big Apple is having what the authors call a “roaring recovery” in the aftermath of the COVID-19 pandemic, jumping from $38 billion in 2021 to $86 billion in 2022.
The report uses data gleaned from sources such as Dodge Data & Analytics, NYS Department of Labor, Public Sector Capital Plans, U.S. Census Bureau and Urbanomics.
Within the residential building sector, a 23% increase in spending was reported between 2019-2022. That increase is attributed to investments in new development, rehabilitation and interior renovation. The report anticipates residential spending will increase nearly 70% in nominal dollars to $93 billion, with development surpassing 30,000 new units per year.
That construction activity is also forecast to result in tens of thousands of new jobs in New York City. According to the report, approximately 142,500 people will see construction employment in some capacity by 2024. Of that figure, nearly 90,000 of those workers would fall under the category of specialty trade contractors while more than 43,000 would see employment with respect to the construction of buildings.
Pointing to construction activity serving as a bellwether for a region’s economic health, the New York Building Congress says the report’s finding prove “once again that the strength, resilience, and determination of hard-working New Yorkers cannot be shaken.”