Public Works Sector Boosts NYCs Starts 11% Last Year
Construction starts in New York City's public works sector rose a whopping 82% to $4.3 billion last year compared with 2012, due largely to the start of initial contracts on three major metro bridge projects—the Goethals, Bayonne and Verrazano-Narrows spans, according to a New York Building Congress (NYBC) study. This sector along with the residential market were major drivers of the city's total activity, which grew 11% to $18.8 billion, according to the study, which is based on Dodge data from McGraw Hill Construction, ENR New York's parent.
Residential construction reached $6.3 billion, a 17% increase over the prior year. Apart from the three bridge projects, the top-10 project starts by value in the city were dominated by Manhattan residential projects, the study says.