NYBC Issues Latest NYC Construction Outlook
Construction spending will reach $61.5 billion in 2018, a new record high for the city, according to the Construction Outlook 2018–2020 report produced by the New York Building Congress (NYBC) and the New York Building Foundation. The report states this spending reflects a 25 percent increase from last year. However, construction spending is expected to dip to $59.3 billion in 2019 and $56.4 billion in 2020.
The NYBC anticipates $14 billion in residential construction spending this year, up from $13.2 billion in 2017. Residential spending, which includes spending on new construction, as well as alterations and renovations to existing buildings, is projected to reach $15 billion in 2019 and $10.6 billion in 2020. The amount of new housing produced is forecasted to reach 60,000 units over the next three years, averaging 20,000 units in 2018, 2019, and 2020. Though the forecast is down from 27,800 in 2017, it is above the average from the previous decade. Residential construction is forecasted to add an additional 34.6 million gross square feet in 2018, increasing to 36.2 million gross square feet in 2019 and 36.4 million gross square feet in 2020.