While the value of residential starts rose 24%, that rebound was more than outweighed by a 39% plunge on the nonresidential side. An industry official calls the trend line “very troubling.”
By Ali Elkin
The value of construction starts in New York City fell 31% last year, largely as a result of a steep decline in nonresidential projects.
In value terms, the data showed $13.8 billion worth of construction projects began in New York in 2011, compared with $20 billion in 2010, according to a statement Monday from the New York Building Congress which cited figures from McGraw-Hill Construction Dodge. The figures cover starts on new buildings as well as restorations.
The only good news was that the value of residential construction starts jumped 24% in value last year. But that was swamped by the 39% plunge in the value of nonresidential starts.
Part of the overall downturn last year stemmed simply from the fact that starts were being compared to 2010, a year when an unusual number—by recent standards, anyway—of high big projects got underway. Seven of them were worth upwards of $500 million on a list headed by a big rehab of Madison Square Garden and the start of work at the Barclays Center in downtown Brooklyn. In 2011, there were only two projects that passed the benchmark, John F. Kennedy International Airport's Terminal 4 and the projects related to the No. 7 subway extension. Richard Anderson, president of the New York Building Congress, referred to 2010 in the press release as “year of the big-ticket construction project,” and said a fall off was understandable.
“Still, the 31% decline in New York City is very troubling,” Mr. Anderson said in the statement.
The data also showed a 35% decrease in public works construction not involving buildings, such as the creation of roads and bridges to $2.6 billion worth last year from $4 billion in 2010. Public building construction is down 54% from its 2008 peak.
Monday, January 30, 2012
Construction starts plunged 31% last year
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DROP DEAD UNITY TEAM !
ReplyDeleteAs usual, precipitously timed and conveniently placed right before contract negotiations with the new team. No time to verify the accuracy as per plan. Well done Judge, well done. When does your contract expire?
ReplyDeleteDistortion by Omission, nice plan. Now, what of the construction starts for 2012, Hudson Yards, all those PLA's deigned to stimulate jobs and feed the members and keep them from the abyss?
Not likely that BTEA, Wall & Ceiling or McCarron could be behind this story - that would never happen. We all know the games they play by now, but they persist nevertheless with the distortion and lies. You gotta love it. God Bless the UBCJA & God Bless America......oh crap, I can't say that - we endorsed Obama.
This story is rubbish and a self serving story by our anti union leaders to coax our new leaders into the same shit that our other leaders were trapped in. It is a fear and doubt tactic that is sort of fool proof when used by our anti union partners that act like they are pro union and only trying to help us all the while pumping this garbage into the main stream right before and major vote or decision by our leaders I say screw these guys we know what's best for us we've survived this long right circle the wagons boys and lets do what's right for us this time. We tried to help these a--holes boost their business and we've given them enough time so that their so called golden boys of the industry could get their greedy companies on track again well the giving of our time and concessions is over and paying for it on our dime is over we need to keep our new elected officials frets to the fire and keep reminding them that we the membership put them in office to represent us and guard our best interests No on else but we the membership put them in office by election they answer to us if they can't handle it or the pressure to not bend to these bastards then move the fuck over and we will find someone else! Stay the course that you said you would and do what you said you would and the union members will undeniably back you up all the way. Go off course and you will be scourged and shunned and dethroned by us we put you there we can take you out too remember that
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