Building Renovations Increasing in NYC

New York, NY - New York City’s private and public building owners initiated $5.7 billion worth of alteration and renovation (A&R) projects in 2013, a 5 percent increase from 2012, when A&R starts totaled $5.4 billion, and a 25 percent increase from 2011 ($4.6 billion).

The upward trend has continued through the first six months of 2014, with A&R construction starts valued at $3.6 billion, according to a New York Building Congress analysis of construction data.

The information used in this report encompass all alteration and renovations to existing structures started between 2009 and June of 2014.  The data reflect the total estimated value of each initiated project through the entire period of construction.

Office alteration and renovation work accounted for $2.1 billion in construction starts in 2013, a 66 percent increase from 2012, when A&R accounted for $1.2 billion in starts.  The trend has continued over the first half of 2014, with office A&R accounting for $1.2 billion worth of new projects.

“Office A&R is a massive yet largely invisible segment of the New York City construction market,” said Building Congress President Richard T. Anderson.  “While great attention has justifiably been paid to the new office towers rising at the World Trade Center and Hudson Yards, it’s important to note that practically three-fourths of all office construction work since 2009 has been devoted to alteration and renovation of New York’s vast supply of existing office space.”

Source: Labor Press