NYC Skyline/ Photo by Betsy Kim New York City skyline/ Photo by Betsy Kim

NEW YORK CITY—New York City’s construction costs have increased from 2017 to 2018 by approximately 5%. Nationally construction costs have risen by 3% to 4%, and similar to New York City have been on an incline since 2010. The New York Building Congress published its Construction Costs February 2019 report with these findings, other trends and their explanations.

“As New York’s population and economy continue to grow, every sector of the building industry—commercial, residential, healthcare, education, cultural and infrastructure—remains robust, offering opportunity for both the labor force and contractors,” says Carlo A. Scissura, the organization’s president and CEO. He points to the high costs of land and materials and regulations as the primary drivers of cost increases in 2018. He nonetheless adds, “While the cost of construction is high, the rewards for doing business in New York have never been greater.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

More from this author

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.