Middle Atlantic Regional Forecast
New Jersey • New York • Pennsylvania
With a 9.7% downtown vacancy rate, one of the lowest in the nation, and some colossal office projects breaking ground during the last 12 months, New York’s construction market is cranking. According to McGraw-Hill Construction, big deals of all sorts started up this year in the Big Apple, including the $3 billion World Trade Center subway and PATH station; the Barclays Center, an $800 million sports arena for the NBA’s Nets in Brooklyn, N.Y.; a $650 million addition to Weill Cornell Medical College; a $500 million renovation of Madison Square Garden; a $400 million facelift for the Jacob Javits Convention Center; and a $300 million upgrade to the United Nations Conference Center. Outside the Big Apple; a $213 million expansion of the General Motors plant in Tonawanda, N.Y.; and three $100-plus million hospitals in Pennsylvania were some of the largest projects. The region’s unemployment figures were near the national average and building permits were up 20 percent at 4,750 through August in the region’s largest statistical area (New York-Northern New Jersey-Long Island NY-NJ-PA).