Once again it’s the Big Apple taking the biggest bite out of this region’s construction market. The scope of the construction is jaw-dropping. Even with the red tape and on-again, off-again status of some of the planned office towers at Ground Zero, construction spending in New York City is expected to surpass $30 billion this year for the first time since 2008, according to a report from the New York Building Congress.
Once again it’s the Big Apple taking the biggest bite out of this region’s construction market. The scope of the construction is jaw-dropping. Even with the red tape and on-again, off-again status of some of the planned office towers at Ground Zero, construction spending in New York City is expected to surpass $30 billion this year for the first time since 2008, according to a report from the New York Building Congress. The $15 billion Hudson Yards megaproject in Manhattan is scheduled to break ground this month; there’s more than $300 million in airport expansion underway at JFK and LaGuardia Airports; and Macy’s is hard at work on a $400 million renovation of its landmark store on Herald Square that will reportedly have the world’s largest shoe department with 280,000 pairs of shoes. Outside New York, contractors are working on college renovation projects at West Point, Princeton and Temple University; a $200 million data center in Clifton, N.J.; and a $300 million hospital job in Philadelphia. This region is also sure to see a huge amount of storm-related repair work in the aftermath of Hurricane Sandy.
