Construction starts in New York City fell 22% in 2016 as key market sectors cooled off, according to new tallies supplied by Dodge Data & Analytics. However, starts still totaled $32.2 billion and are 33.6% higher than the average over the last five years.
The construction market slowdown was most profound in the city’s superheated residential market, with new starts falling 41% to $11.5 billion from last year’s $19.5 billion total.