Beacon News

Industry News: New York City Sees Record Construction Growth & Major Infrastructure Projects Planned

Recent analyses by the New York Building Congress (NYBC) indicate record growth in New York City construction. For example, overall NYC construction spending is projected to break the $40 billion mark for the first time in history in 2016. Below are some highlights from NYCBC's reports, as well as major infrastructure and housing projects planned for New York City. The photo below shows an artist's rendering of a $4-Billion airport terminal reconstruction project planned for LaGuardia Airport which is scheduled to start in 2016.

New York Building Congress Analysis Projects
Record Growth in NYC Construction

New York City's public & private institutions started $2.9 billion in construction projects during the first half of 2015, according to a New York Building Congress analysis of construction data from Dodge Data & Analytics. This is a 269 percent increase compared to the same period in 2014 ($796). According the analysis, sectors reviewed include elementary and secondary schools, hospitals & healthcare, higher education, courts, libraries, cultural facilities, and religious institutions.

According to the NY Building Congress’ latest report (New York City Construction Outlook 2015-2017), NYC construction spending is on track to reach $39.0 billion in 2015, a 10 percent increase from 2014. The Building Congress projects NYC construction spending to rise to $41.0 billion in 2016 & $40.8 billion in 2017. If the forecast is correct, overall New York City construction spending will soon break the $40 billion mark for the first time in history.

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New York City Housing Authority (NYCHA) Announces Start of
$87 Million Roof Replacement Project at Largest Public Housing
Development in North America: Queensbridge North & South

The Queensbridge development. Located in Long Island City, NY includes 3,000 units and over 7,000 residents. NYCHA will replace roofs on 26 residential buildings at Queensbridge, including additionally repairing exterior brickwork, replacing windowsills, and removing parapet walls to facilitate new roof railing installation. The work represents an $87 million investment, including $60 million in funding from the city and $27 million in federal funding. Construction is expected to be completed by July 2017. The project is part of New York City’s 3-year plan to invest more than $300 million in NYCHA, which includes $100 million in funding from New York State.

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$4-Billion Construction Project at LaGuardia Airport
Scheduled To Start in 2016

Over the summer, details of a major redesign project were announced for New York’s LaGuardia Airport. The main feature of the new design is the construction of a single, structurally unified main terminal. The project will also include expanded transportation access, greatly increased taxiway space and updated passenger amenities. Construction on the first half of the new terminal will start in 2016 and is expected to take 3-4 years. The $4 billion project is expected to create 8,000-10,000 jobs and will be managed by LaGuardia Gateway Partners, a public private partnership chosen by the Port Authority of New York and New Jersey to build the project.

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