May 27, 2017
By Stephanie West
New York, NY – Construction spending across the five boroughs set an all-time record in 2016, according to a New York Building Congress analysis of multiple data sources.
The Building Congress estimates that a total of $42.4 billion was spent on construction projects in New York City last year, up from $41.2 billion in direct construction spending in 2015 and $32.4 billion in 2014. After adjusting for inflation, 2016 spending topped this century’s previous high-water mark, set in 2007, by about 1 percent.
The Building Congress analyzed the extent to which the current building boom continues to reverberate throughout the local economy. The $42.4 billion spent on direct construction last year generated an estimated $66.3 billion in total economic output, up from $64.9 billion in 2015 and $51.5 billion in 2014. Construction created over 349,000 local jobs in 2016.
“The construction industry continued to fire on all cylinders in 2016, which has extremely positive short- and long-term implications for New York City and the region,” said New York Building Congress President and CEO Carlo A. Scissura. “In addition to being a catalyst for jobs, tax revenues, and heightened quality of life, a thriving construction industry generates enormous ripple effects that are felt by residents throughout the five boroughs and sows the seeds for continued economic growth.”