The city Department of Buildings issued residential permits for 8,936 units in 997 buildings in 2011 – a 33 percent increase from the year before, according to a new report released today by the New York Building Congress.
Construction Outlook 2012
He’s the Cassandra of the construction industry, the rabble-rouser of rubble.
Attorney Barry LePatner, founder of LePatner & Associates LLP and author of construction shock books Too Big to Fall: America’s Failing Infrastructure and the Way Forward and Broken Buildings, Busted Budgets, has his own 30,000-foot-high view looking down on the current state of New York City’s construction industry. He believes there will be a $25 trillion construction boom in New York and the rest of the country between now and the year 2035.
The multi-colored muscle behind the City’s construction industry has been revealed through an analysis of U.S. Census data, and contrary to stereotypes, a solid majority of construction workers are now drawn from minority backgrounds.
Those who are stubbornly optimistic about the return of the Manhattan office market might want to take a close look at this report from the New York Building Congress.
It looks like major commercial development in Manhattan is still sluggish, which is no surprise considering the recent recession. In fact, the report blames the downturn in significant new office construction on the “dramatic decline in employment along with a sharp rise in office vacancies.”
Still, ever-positive as the Building Congress is, the trade group sees a silver lining to this slowdown.
As real estate prices in the city, or at least in Manhattan, approach pre-Lehman levels, and the wider economy teeters back from the brink, the guys who built the apartments are still suffering. According to a quarterly report from the New York Building Congress, employment for construction workers fell to its lowest level Read More
A reader passed along the following invitation from Council Speaker Christine Quinn for a fundraiser hosted by the New York Building Congress and construction magnate Frank Sciame.
The Building Congress is made up of all the players in the real estate development industry–unions, contractors, constuction firms and the like– and is one of the most Read More
Digging Out of the Hole
Rents are up. Subleases are down. The city, fairing better than most during the recession, appears well on its way to recovery, even if it will be a slow one. One sector that has yet to feel the pick up, though, is the construction industry, and it remains in a precarious position.
According to the Read More
The New York Building Congress is out today with some interesting numbers that show why the construction industry should love schools and hospitals.
Between May 2008 and April 2010, institutional projects (schools, museums, hospitals, universities, libraries, etc.) accounted for $8.1 billion in construction starts—a not too shabby number for an industry that totaled about $25 Read More
No Money No Problem
New York Building Congress President Dick Anderson is mad at state legislators, and he’s showing his anger by hiding his wallet.
At a Building Congress event Tuesday at the Hilton, with Congressmen Jerry Nadler and Mike McMahon fielding questions on potential federal funds for transportation and infrastructure, Anderson began the discussion announcing that the Building Read More
The New York Building Congress, which represents the entire construction and development industry (unions, contractors, architects, etc.) is dying for a resolution on the budget. With some construction contractors not getting paid without a state budget (now two months overdue), the organization today sent out this plea to its members, asking them to get involved, Read More