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NYBC: Construction Costs Remain Highest in NYC

NEW YORK CITY—A new analysis shows increases last year that were more in line with the nation yet still higher than other markets, and expected sharp upticks throughout 2017.

Carlo Scissura Scissura: “No matter what sector you analyze, construction activity remains robust.”

NEW YORK CITY—While the rate of increase in local construction costs in 2016 was more in line with spikes nationally than in recent years, New York City remains the highest cost of construction market in the US, according to a New York Building Congress analysis.

Area developers should continue to brace for higher prices here: construction executives interviewed for the report expect that New York City construction costs will accelerate at roughly the current rate of 1% per quarter through 2017.

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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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