Construction starts in New York City dropped 16% in the first half this year, to $6.6 billion, compared with the same year-ago period, according to a recent New York Building Congress analysis of McGraw-Hill Construction Data. The non-residential sector took the hardest hit in the first six months, diving 48% to $3.2 billion, NYBC says. The data cover all project starts including new construction, alterations and renovations.
"The data from the non-residential sector, while disappointing, are understandable given the tepid pace of the city's and the nation's economic recovery," said Richard Anderson, NYBC president in a statement. "While there's no shortage of planned projects, especially in the office sector, we are lacking the type of job growth and confidence in the overall economy that is necessary to get these projects off the ground quickly."