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Record Building-Boom Continues in New York City

The New York Building Congress reports New York City is in the midst of its second and most robust building boom of the 21st century. The trade organization says record spending was especially boosted by the ongoing construction of massive non-residential buildings throughout the five boroughs.

The group forecasts $61.5 billion in New York City construction spending in 2018, which would represent a 25% increase from 2017, and rank as the highest total (in actual dollars) in New York City history. It would also rank first after adjusting for inflation since at least 1995.

The Building Congress also expects this level of spending to remain relatively consistent, with $59.3 billion in construction spending projected in 2019, followed by $56.4 billion in 2020.

The forecast is for 73.7 million in gross square feet of floorspace to be built in 2018, the largest amount since at least 1995, and a 24% increase from 2017. An estimated 66.7 million and 59.8 million gross square feet will be constructed in 2019 and 2020 respectively, both well-exceeding the previous decade average of 41.7 million gross square feet.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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