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NYBC: Construction Costs Modestly Rising

NEW YORK CITY—The rate at which prices are rising—while significant—is below what was seen during the previous building boom, according to a new report.

Richard Anderson Anderson: “We have not seen a return of cost increases in the construction market in the double-digits.”

NEW YORK CITY—Despite complaints from industry professionals about the rising costs of building properties around town, construction cost spikes—when compared to prior levels—haven’t been dramatic, new research reveals.

New York City construction costs rose by twice the national rate in 2015 but those increases remain below the rates experienced during the previous building boom, according to a New York Building Congress analysis of multiple cost indices and interviews with representatives of some of the city’s largest construction firms.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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