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Commercial and multifamily starts in the NY-NJ region totaled $30.9 billion in 2019. However, the New York metro region's rate of growth eased in 2019 to 5% from a 13% gain in 2018, according to the report.
The financing will help fund continued improvements at the 313-unit, 16-story Downtown Orlando multifamily property that also features 45,510 square feet of retail space anchored by a Publix supermarket.
I Build America is declaring September 16 to 20 as Construction Appreciation Week, a celebration that aims to inspire a national conversation about construction and how it enhances many lives.
The New York City metropolitan area remained the top market in the US with $28.7 billion in commercial/ multifamily construction starts, an increase of 10% after posting a 13% decline in 2017.
Spencer Levy, chairman, America's research at CBRE, predicts 2019 will be similar to 2018, although some news sources have voiced stronger economic concerns.