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2017 Construction Starts Valued at $38B, Says Building Congress
Private and public construction that got underway across the five boroughs in 2017 ultimately will reach $38 billion in value, said the New York Building Congress. Although the largest share came from projects in Manhattan at 41% of the total, the outer boroughs made a strong showing, too.
“As New York continues to grow, the boroughs outside of Manhattan are playing an increasingly large role absorbing new residents and jobs,” said Carlos A. Scissura, president and CEO of the Building Congress. “The positive momentum is apparent across the entire city, and last year’s growth in major transportation and infrastructure investments will make our city and region stronger. This data shows that now, more than ever, New York is a five-borough city.”
A 303% increase in the value of institutional projects, such as the rebuilding of LaGuardia Airport, led a construction spending increase across all building types between 2013 and 2017.
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