NYBC: Increased Building Construction Across City Boosting Economy

Anderson: “A healthy construction sector is a tried-and-true source of immediate economic stimulus for NYC.”

NEW YORK CITY—The city is going through a building boom and the benefits of that are reverberating throughout the local economy. It generated an estimated $61 billion in total economic output in 2015 alone, according to a New York Building Congress analysis of multiple data sources. This represents a 7% increased from 2014, when the overall economic impact totaled $57 billion.

The Building Congress estimates that $39 billion was spent on construction projects across the five boroughs last year and that this direct construction spending generated another $22 billion in ancillary business activity and increased consumer spending. This represents a multiplier effect of $1.56 as each dollar spent on construction yielded an additional $.56 in overall economic activity.