Total construction starts in the New York City region grew 14% last year to reach $29.1 billion but are expected to pull back in 2011, partly due to the sluggish economy but also because 2010 received a boost from several large projects, says Robert Murray, vice president of economic affairs at McGraw-Hill Construction. Full-year NYC starts are forecast to recede 11% to $25.9 billion. Total U.S. construction starts are forecast to reach $422.5 billion for full-year 2011, a slight dip from 2010’s $423.7 billion, he adds.
Gains in the multifamily housing, manufacturing buildings, and electric utilities sectors are expected to be offset by declines in the commercial building, institutional building, and public works sectors, Murray says.